Legal Question in Bankruptcy in Georgia

Credit Card Debt

I've been unemployed for a year and have several huge credit card bills that have gone into collection. Will the credit card companies be able to sue me, or will they just be charged off and my credit ruined for 7 years?


Asked on 11/22/06, 4:47 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Credit Card Debt

Charged off is an accounting notation. It does not protect you. In fact it makes it likely that the debt will be sold and you will be sued. Since some states have statutes of limitations of up to 20 years (and many credit cards are under another state's law), not only is your credit ruined for 7 years, but you can be sued, garnisheed, etc for LONGER than that.

Oftimes the best time to file bankruptcy is while you are unemployed, so you should do a consult with a lawyer to see if that is a good option or not. To do one with our office, get a free worksheet at www.glenashman.com, complete it, and simply call for an appointment.

Read more
Answered on 11/22/06, 6:08 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Georgia