Legal Question in Credit and Debt Law in Pennsylvania
no assests - big debt!
If I have delinquint credit card accounts, and I have no real assests will the credit card company or collection agency levy a lien or judgement against my name? If they do, will the judgement or lien always be attached to my name and will they demand payment from any assets that I may aquire in the future.
1 Answer from Attorneys
Re: no assests - big debt!
If the credit card company sues and obtains a judgment that becomes a judicial lien. It can attach to property that you acquire in the future.
Most people do not defend against these cases and there are frequently very strong defenses, such as the statute of limitations. There is also the option of settling with the credit card company or collection agency. They are frequently willing to accept less than the full amount they are demanding, especially if the interest rate is extremely high.
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