Legal Question in Credit and Debt Law in North Carolina

Credit card debt

I had a Chase credit card back in 2003. I had put it on debt consolidation but the company went out of business. I now owe over $12,000. The company has a lwa firm who is talking about taking me to court to pay the money. They want me to pay $1000 towards a down payment and make payment arrangements but I don't have $1000. If they take me to court, what would happen?


Asked on 6/21/07, 3:43 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: Credit card debt

If they take you to court and win, then they will have a judgment against you. Then they would have to send you a Notice of Right which allows you to claim exemptions. Then they could try to execute against you if you had any property that the Sheriff could take.

In many cases, creditors may be able to get judgments but are unable to collect anything.

Keep in mind that i said if the creditor wins. If you are sued, you may have valid defenses such as a statute of limitations defense. You shold consult with an attorney. Any payments you make may re-start the clock so if you haven't made a payment since 2003, you might want to see what the statute of limitations is and be very careful about making any further payments at this time.

- Jeff

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Answered on 6/21/07, 4:02 pm


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