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I Am Being Sued By Several Banks for Unpaid Balances on Seven Credit Cards. – Rick

“Dear Steve,

I am being sued by several banks due to large upaid balances on seven cards, about 25K per card. I had borrowed the money on low interest rates and invested it in a start up medical company that has gone from one dollar a share to ten cents a share and I lost everything. I have decided there is no possible way I can replay these cards as I have a job but also alot of expenses, its appears to me to be mathmatically impossible to catch up, especially at the higher interest rates that are starting to happen on my cards so I started missing all payments 60 days ago. I am figuring I will be sued before the end of the year. I have no cash and they can’t garnish my wages here in North Carolina so the biggest impact on me will be social embarrassment.

Since I will most likely be sued, what are the chances this information will be known all over the community in a city the size of Charlotte? Is it published in the paper? Can you tell me what other bad things will happen to me during the suit? I wasn’t planning to pay for a lawyer, I figure these will be “default judgements” and a lawyer I consulted with said I so my lawyer said I may not even have to show up in court.

Rick”

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The Answer

Dear Rick,

I seriously doubt these suits will appear in your local paper, but they certainly could. A lawsuit is a matter of public record and can be searched. I have seen some local papers that list actions like this.

But rather that just leave this string of suits and judgments, which could follow you to another state, why not just step-up and responsibly end this situation?

You can click here to find a local bankruptcy attorney. Bankruptcy will immediately stop all lawsuits, prevent them from being collected in the future and put this matter to bed once and for all.

Otherwise, these items will appear on your credit report as legal actions against you, bad debts, and uncollected judgments. They will hurt your credit for the next seven years and they will be visible on any future credit report pulled by a potential employer.

At least bankruptcy will show you took responsibility for your situation and took action.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

I Am Being Sued By Several Banks for Unpaid Balances on Seven Credit Cards.   Rick
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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