How do you know so much about legally not paying credit cards without going bank

  1. profile image43
    phililposted 8 years ago

    How do you know so much about legally not paying credit cards without going bankrupt. R U an att'y?

    I fear having a judgment or lien or even a lawsuit against us being instituted.  My attorney told me something about not going bankrupt because they cannot do anything about unsecured debt except harass you.  Is that true???

  2. magnoliazz profile image63
    magnoliazzposted 8 years ago

    I am not an attorney, and I think your attorney could be right! When it comes to unsecured debt, there is not too much that they can do, especially if you have very little income. However, in some cases they will garnish your wages.

    Credit cards are unsecured debt. If you owe a lot they might try to come after you, but then again, only if it is worth their time. No one can take away more than 25% of your wages, combined! That means if you owe many creditors a lot of money, they are just going to forget about you, because they would have to go through too much to get a piece of that 25 % pie. Say if you have 10 creditors and they all garnish your wages, they would each get only 2.5 % of your wages each. For many, that is not enough and they just write it off, they have insurance for this kind of thing like AIG! So, don't feel sorry for these crooks, you have probably already paid them many times over what you owe them, you are probably trying to pay back the 30 per cent interest rate.

    If you are living on disability income, they can't touch ANY of that money by law so you are pretty much home free.

  3. Midasfx profile image66
    Midasfxposted 8 years ago

    i am not an attorney. I worked for a debt settlement law firm. unsecured debt means nothing. they cant do anything beside close your cards, give it to collections, and destroy your credit score and any chance of getting another credit card or loan in the near future.
    no one can force unsecured debt to be paid. only secured debt can they go after you. like a house, car or something of that sort.
    Many of the clients we assisted, we actually would have the lenders drop the entire amounts owed. Unsecured debts, there are some tricky laws about giving your information to 3rd parties. Most lenders break that law in some way shape or form, and my firm was able to use it against them. I no longer work for them as they paid crap and now work in a different field. So take my advice if you want. but good luck to you