Legal Question in Credit and Debt Law in Texas
what can happen?
Hi. I would like to know what can happen If I stop my credit cards I have read alot of the questions in the site BUT:
is it the same if you own $3,000 or $10,000 in unsecured credit cards? or are you in bigger trouble. .. other thing if Im planning to stop paying the credit cards can I use all the credit of a card that I havent used? or would this be considered as fraud? can I get sued by the credit card companies even If what I own is less than 10,000 or the amount makes no difference? please help.
another thing... I have just changed apartment and telephone should I not tell the credit card companies so they wouldn't star bothering as soon as I stop paying them ?
Im really in financial troble and would like to stop paying please help me..
thanks
2 Answers from Attorneys
Re: what can happen?
Just to add a little to Ms. Langford's response - Most credit card companies do pursue the debt to judgment. That judgment is then filed for record in the property records of the county granting judgment. These are routinely checked by mortage companies and auto finance companies which would affect your ability to qualify for these types of loans.
Re: what can happen?
IF a creditor can prove that you made charges at a time you had no intention of repaying, then that is fraud.
Generally, the only difference between the amount of a civil credit card debt is the size of the judgment against you. It is filed in district or county court, depending on the size of the debt. After the judgment, the sherrif can execute on your non-exempt property.
You have no legal obligation to advise a creditor where to find you. Know that if they don't have a current address, they may serve you by publication/posting, and you will have no actual notice of the lawsuit.
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