Legal Question in Credit and Debt Law in Florida

credit cards

i have 1 credit card which is maxed out at 22000.00 i recently lost my job and tried to make arrangements with the bank but no success. now a collection agency has contacted me. they said my credit card was secured by my personal assets,which i dont think is correct. they are threatening to sue if i dont pay. i am still trying to make arrangements but if the card was not secured, what legal action can they persue or is bankruptcy my only alternative.


Asked on 10/27/02, 9:02 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Re: credit cards

All credit cards are secured by personal assets of the debtor. They must sue & obtain a judgment against you. You or your attorney should try to work out a payment schedule. Good luck.

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Answered on 10/27/02, 9:14 pm


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