Credit Card Debt.
Question Details: I have $50,000.00 in credit card debt in collections. I live in NC, which is a Non- Garnishment State. I have a house and a mobile home I'm paying for and all I have in the bank is a $1,000, emergency fund. My only assets are a 15 year old boat worth $3,000., a 15 year old Toyota truck worth $3,000. and a 2002 Ford E-350 that I use for my business. I have received a Civil Summons on $18,000. of that debt that I'm currently working on a settlement. What type of stratagey do you think the Credit Card Collectors will use to try to collect.? Thank You
Bankruptcy Law Answers
Their best bet might be to get order orders to put liens against your home and personal property. That way, they could try to force the sale of, say, the boat or a car to pay back debt; or if you sell you home (or it is every foreclosed on), they may be able to get some of the proceeds.
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