Credit Card Debt Ca

I have about $30,000 in unsecured debt that I accrued during college (credit cards, loans...). Now I'm working overseas and don't make nearly enough to pay minimum payments. So I've let everything slide for 6 months (not proud of it). Recently my relatives have been getting calls from collection agencies looking for me. I don't plan to return to the US for at least another 7 years, which is the time delinquencies are reported to the credit bureaus, so I'm not too concerned about my credit score. But I am concerned about my relatives being bothered by their attempts to locate me, since they don't know about my debt. What would happen if they decide to sue me? How likely is it that they'll sue me if I have no personal asset of any value, no employment (that they know of), and they can't find me? How would they serve me with the lawsuit? I don't wanna seem totally irresponsible, but I can't possibly repay the amount (even in monthly payments) in my current situation.
I just wanted to clarify that I am currently overseas and don't plan to acquire any kind of credit or loans in the next 7-10 years.

Your credit is screwed for about 7 years until the record is expunged from your credit history. During those 7 years, no bank or creditor will finance you and your ability to secure any loans or credit cards will be gone. If you file for bankruptcy, the record stays for 10 years. If the creditors serve you with a court order and you decide to leave the country instead of answering the court order, they can get a warrant for your arrest, which means that as soon as you decide to come back to the USA, you will have federal marshalls waiting to arrest and extradite you to the state in which you are being sued. Think about what you are doing and if you are willing to become a fugitive. You cannot simply run away from being sued, because the courts will find you and issue summary judgement against you, and most likely will arrest you for failing to respond to the court order.

2006-12-13 21:02:42 by Swooned

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What will happen to the following CC that has yet to be wage garnished? Can I still do something about it?

This is something you need to listen to.

First off, it appears that you have debt you cannot pay. In my opinion you have two choices. Either to go with a debt consolidation company to restructure you debts or to claim bankruptcy. In the latter case, your debts will be erased and your garnishment will go away.

In bankruptcy, your debts are erased, however it will show on your credit score for 10 years. So what?. You will then be given numerous credit card offers since you owe nothing. Bankruptcy cannot include your homestead, or your owned and occupied residency. Your wages cannot be garnished and in this example your debts are erased completely. It is known as "Chapter 7".

"Chapter 11" is where you agree to pay a certain amount on your debts based upon your ability to pay; thus a restructure of your loan debt whereas the debtors erase the interest rate on you unsecured loans, such as credit card debt. In some cases they accept an amount less than what you actually owe.

I suggest that you meet with a lawyer on a "pro bono" agreement, whereas you obtain information for free to decide what you shoud do.

2008-04-29 22:36:49 by densheng

Price: $1.99

He has no money and lives on a fixed income.

yes he should have move out of ca to say illinois!!!

2007-08-29 19:33:52 by RAE

Charging off a debt is a matter of bookkeeping. They will move it over to the debit side of their books as a loss.

Even if it is charged off they can legally continue to try to collect, either by continuing to collect themselves or by assigning/selling it to a collection agency.

Unless you are past the collecting SOL, you are not "off the hook".

If you are past the collecting SOL then either the original creditor or collector can continue to try to collect but legally cannot sue. If they do file suit it would be up to you to claim affirmative defense of SOL with your answer.

If you are still within the collecting SOL then either the original creditor or collector can legally sue.

If the original creditor "sells" the account to a collection agency, then the original creditor must show a zero balance.
The collector that holds the account has a legal right to place it on your reports as long as it is still within the 7 years from the default with the original creditor.

Both the original creditor and collector must report the account accurately. If they fail to then you have a legal right to dispute it with the CRA's. If they fail to correct it or delete then you can hold them liable for the FCRA violations they have committed.

2007-11-28 19:20:20 by harmonyman213

I don't have enough equity on my home, so I cannot get a home equity loan.

Dumping unsecured credit card debt onto your home is a very bad idea. Don't pay credit cards and you get bad credit and collectors hounding your. Don't pay on your home and you'll be on the streets.

Getting one big loan to pay off all your credit cards might be a problem. Is your credit good enough to get an unsecured personal loan large enough to cover all the credit cards? The biggest problem is that once the credit cards are paid off, folks run up the balances again. Then you have the big loan payment and all the credit cards to pay.

It's better to work on paying off the credit cards. Make a strict budget and take every penny you can squeeze out of that budget and throw it at the highest interest rate credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.

Find ways to bring in more cash. Have a garage sale, collect alum cans, get a second job. Throw it all at the debt. If you really work at it, you can pay off the credit cards within 2 or 3 years.

If you are having problems keeping up with the credit card minimums, consider an NFCC credit counseling service: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They negotiate lower interest and payments so you can pay off your debt. When you complete the program, you will still have decent credit.

2010-02-12 17:52:58 by E27G