Credit Card Companies will probably sue me?

I will probably be sued by the credit card companies. I owe about $120,000 spread over about 11 cards. I have no way to pay them back and because of the new bankruptcy law I don’t qualify for that either. I am sure they will eventually sue me for the debt and get a judgement against me. My question is, when this happens will the interest stop on the debt? How much of my income can they garnish? I’m in California if that makes a difference.

Anyone that can help would be great.

This entry was posted on Sunday, June 21st, 2009 at 5:42 pm and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

5 Responses to “Credit Card Companies will probably sue me?”

1. shahab a Says:
   June 22nd, 2009 at 7:52 am

   They can garnish most of it.
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2. Jo Says:
   June 22nd, 2009 at 1:03 pm

   This means you have a house and other properties. Sell your properties and pay them back now so at least you can improve your credit score, otherwise you will bein for long haul and will be painful for 10 years

3. Sara S Says:
   June 24th, 2009 at 5:21 am

   yes the interest will stop. whatever you’re total amount in debt will be what the deciding factor is on how much they garnish. Im not sure of the exact percent of how much they garnish..but you really dont want to be in that situation. You have to pay court costs, too. If I were you i’d try to consolidate them in to one monthly sum. You may need to be on a bread and water income for a while..but in the long run, that is better than having your wages garnished. Try a consolidation company or talk to your bank about taking a loan out to pay at least half of it off. Try to make minimal payments in between that time.

4. Gem Says:
   June 24th, 2009 at 8:27 pm

   Wow.

   You can still file bankruptcy, you just may not qualify for the total dissolution of all the debts.

   The courts will decide how much, and to whom, you will have to pay back. They will also decide what you keep and what you lose.

   If you have no way, or intention, of paying them back they will come after you eventually. And your credit is shot either way. Just if you wait, the amounts you owe will be greater, and the first company to sue you will get most of your take home pay.

   Sorry about your predicament. I thought we carried a lot of credit card debt, I was wrong.

5. the dream Says:
   June 25th, 2009 at 5:22 pm

   The interest will not stop. Generally they can take 25% of each paycheck and 100% of any bonus checks you receive. They may try to file a lien against your property or a levy against your bank account.
   You should try to refinance your property and settle out the debts for pennies on the dollar. Email me for more info.