Credit Card Debt

Question:
I have found myself in a jam. I am overwehelmed by credit card debt. I am now over five months in the rear,and just cannot see how I would ever be able to pay such a large debt (Around 60,000) in credit cards I owe. I started paying some of them small amounts(100 a month) but the minute I did they wanted more and more. I gave them as much as I could,but now I know the minute you start paying htem, they WANT MORE and MORE Often. Up until this past year my credit was great ,as business was great. My business now is about 90% down from what it was, and also I have had health problems so cannot work at present. What can I do? So far it has just been the credit card companies that have been calling,but soon they are saying they are going to hand over my accounts to a collection agency. My question is can credit card companies put a lien on your home? All my credit cards are unsecured. I live in Massachusetts

Answer:
I am not an attorney but I can tell you my experience. Credit card companies will hound you in proportion to the amount that you owe. They tend to sue in proportion to chances of collection after judgment. The credit card companies through their attorneys can sue you and get a judgment. They can then file a judicial lien on your property...so yes they can lien your house. If you haven't been sued, you don't really have much of anything to worry about except for harassing calls. If you are sued and you don't have a good defense that will win (other than you cannot pay) they will probably get a judgment. That is why there is bankruptcy protection. Personally, if there hasn't been any law suit filed against you, I would wait to see what comes down. Stop paying them if it is causing you difficulties beyond what you can bear. In the event of a law suit, if they get a judgment against you, you will have had time to find a good bankruptcy attorney beforehand to get things ready just in case you need to file. The credit card companies can sue you, get a judgment, and then put a lien on your house.





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