I am in default on a credit card and need to know the worst that can happen?
by Mortgage Rates on Tuesday, October 19th, 2010 | 3 Comments
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Be prepared for about a billion collection calls!!!! I have defaulted once before several years ago. They will eventually “Charge Off ” the account which they will deduct from their taxes while still taking a hit themselves. Like I said, the collection calls will seem never ending. Check with FLORIDA law. They might be able to attach a lien on your house for the amount owed to them. Which means: if you sell your house down the road for a $50k profit and you owed the credit company $20k, then at closing the attorney will give you a check for $30k. You did mention that the card was unsecured and was in your business name. If you are 110% sure you opened the card in your business’ name, then your company has liability, NOT YOU. I mean, you are responsible, dont get me wrong. But its your company that is liable, as such you are, but they wont be able to go after your PERSONAL assets to recover the debt. I hope this helps!
they will refer you to a collection agency who will make calls all day every day and they wont stop go and see the cab and see if they can help
Well as a Florida resident I can tell you this much. They can not garnish your wages in Florida if the wages are that of a person who provides more than half the support for a child or other dependent (though this exemption is subject to waiver).
Under Title VI, Chpt 77; 77.041 Notice to individual defendant for claim of exemption from garnishment; procedure for hearing.–
You can view this statute at the following link. This is what you must file in case they try to garnish your wages if you meet certain criteria.
http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0077/SEC041.HTM&Title=->2008->Ch0077->Section%20041#0077.041
Hope this helps answer your question
NOTE: This communication is not intended as and should not be interpreted as legal advice but is intended solely as a general discussion of legal principles. By reading the “Response” to your question or comment, you agree that the opinion expressed is not intended to constitute legal advice to any person reviewing such information..