Legal Question in Credit and Debt Law in New York
Can't pay credit card debt.
I owe $70,000.00 to numerous credit card companies. I own a home and some land. I have absolutely no money left. I have a job, but do not make enough money to pay off this debt. I have inquired about filing for bankruptcy, however was told it was not a good option for me due to the amount of equity I have. I have been able to settle with 4 of the credit card companies for 50%-60% of the debt. The other companies are unwilling to budge. My question is, what will happen if I dont pay these companies. Legally, what can they do to me? Thank you.
2 Answers from Attorneys
Re: Can't pay credit card debt.
Please reubmit explaining why New York law is applicable and stating where your reside
Re: Can't pay credit card debt.
Depends on where the house is located and what the debt is for ie home improvement vs. retail purchases etc.
Creditors may sue for the debt, obtain judgment and execute on the judgment by garnishing wages and collecting against any assets. It is extremely important for you to consult an attorney.
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