Legal Question in Credit and Debt Law in Texas

just stop paying Citibank Visa Credit Card charge

What could happen to me if I just stopped paying on my credit balance. I don't want to buy a house, a car, anything. Ihave all I need. My credit score is already in the 690 range so...BUT CitiMortgage has my house. I just can't afford to even pay the minimum and I've only been in my home 3 yrs. so home equity loan is insufficient to match debt to card. My home equity is $11,000.00. CCDebt is $22,000.00 at 5.99% until pd in full. I can only afford to pay my house payment, my truck, electricity, basics, etc. No extra's cuz I'm a single parent/single grandmother. What could they do to me...I work, I'm a teacher and work parttime,too. help...I'm never late with my payments, on anyting. I just can't afford it anymore. help.

Brenda. Thanks for your help.


Asked on 1/16/07, 9:34 pm

1 Answer from Attorneys
Lewis Palomino Law Office of Lewis Palomino

Re: just stop paying Citibank Visa Credit Card charge

Your creditors may file suit to collect the debts and, as in most suits on contracts, they are likely to prevail. Before you stop paying completely, contact a competent debt managment agency. Such an agency will have the experience and contacts to work out an arrangement that both you and your creditors can live with. Even if you feel that you may be judgment proof (not enough assets to satisfy a judgment), the long-term hassle and incovenience of dealing with collection agents and lawyers may be more trouble than you have now.

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Answered on 1/16/07, 10:36 pm


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