Legal Question in Credit and Debt Law in Maine
junk debt buyers
Can junk debt buyers sue me for defaulted credit cards that they bought. I am at witts end, I take care of a handycapped aunt and we just don't have enough money. I tried a consumer credit counceling company and they could not help. If we file bankrupsy, will we lose our home and car? Waht anout every thing else we own, like handycapped equipment? I have been unable to pay some of the cards for over 6 months.
1 Answer from Attorneys
Re: junk debt buyers
Yes, buyers of debt can enforce defaults just as if they were the originating lenders.
Bankrupcy could be an option, but the debt should be large enough to justify this step. There are 2 types of consumer bankruptcy- Chapter 7 and Chapter 13. There are so many variables and possible effects of bankruptcy I cannot really get into them in this format but you would likely not lose your house and certainly not the handicap equipment. I would be happy to refer you to a bankruptcy atty in your area if I know of one depending on where you live.
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