Comments on: what case to be filed against unsettled credit card payment for long period?

By: StephenWeinstein

StephenWeinstein — Fri, 19 Feb 2010 22:01:39 +0000

The credit card statement will state the due date. If you do not pay, it can take several years before legal proceedings start.

Not imprisonment. Possibly property attachment. Possibly something else.

By: Dark Green Money

Dark Green Money — Wed, 17 Feb 2010 10:04:35 +0000

In a phrase: it’s up to the bank (and whoever they sell the debt to).
Good news though, there is no debtor’s prison in the US.

By: bdancer222

bdancer222 — Sat, 13 Feb 2010 22:06:27 +0000

The Statute of Limitations (SOL), the timeframe to bring lawsuit, varies from state to state. Typically the SOL starts from the date of last activity or last payment. Making a payment restarts the SOL. SOL for credit card debt ranges from 2 years to 10 years.

If you default on a credit card, the company normally charges off the account in 3 to 6 months. The account is then turned over to collections. Sometimes the debt is sold to collection agencies. They can hound you for payment or sue.

If they sue, they win a judgment which can be used to attach any bank account with your name on it, garnish your wages, or lien your property. They usually go for the cash assets first. If they do attach real estate, they can’t force foreclosure. The lien would have to be paid if you sell or refinance.

Credit card debt is a civil action. We don’t have debtor’s prison in the US.