Legal Question in Credit and Debt Law in Delaware

Re: Questions Regarding Credit Card Dispute - Which Law will Apply - TX or DE

1)I was told by my credit card company that the account has been ''charged off and there is no balance showing on the account.'' What exactly does this mean, i.e., did they sell it, to a collection agency? The notice of my arbitration came from a law firm.

That's a bookkeeping entry for a bad debt. It has no bearing on whether it was sold, sent for collection, etc.

2)I know what the SOL is for DE and TX. My question is when does the SOL start to run on a credit card under DE and TX law, i.e., is it time of last purchase, time of last payment, etc?

The SOL starts on the the day after default; e.g. if payment was due on 11/04/02 and no payment was made, the SOL would start running on 11/05/02. That calculation is not made until the account has been written off as a bad debt and further action is contemplated.

3) Assuming the arbitration results in an ''award,'' then what? In order to get a judgment against me, will I have to be sued? And, would I have to be sued in TX?

The award can be entered in any court of competent jurisdiction for enforcement. That would be entered in Texas where you reside.

4) Assuming I am sued, and a judgment is entered, would the SOL for judgments run under DE law or TX law?

The SOL for judgments is dependent upon where the award is filed.

5) I have researched the exempt property in TX. My question is can the credit card company garnish my bank accounts, and if so, how much of a percentage of that account?

100%, less the bank's attorney fees which come out first.