What can creditors do to collect credit card debt?

First I just want to say that I made a very big mistake in trying to save a business %26amp; jobs of my employees by using all my credit card limits.

I now have insurmoutable debt %26amp; now I lost my biz.

This is all credit debt...I have no real hope in paying it back. I am trying to rebuild my life.

I sold EVERYTHING I own to pay off as much debt as possible. I own a 150k home which has 35k in equity in it.

I am struggling to keep it, and I am only surviving by help from relatives for food and transportation while I look for work.

I am over 90 days late on these credit cards, one is 28k. They are threatning me with a %26quot;lawsuit%26quot;.

Please someone tell me what can they ACTUALLY do to me???

I have no job, no assets (other then the 35k of equity), no furniture and I am at an age (50) that I cannot afford to loose what little I have left in my home.

I do not want to claim Bankruptcy.

If I simply default and not pay, can they sieze or put a lien on my home?

Help!

What can creditors do to collect credit card debt?

If your creditors know that you own your home, they will immediately file in Court so that a %26quot;Certificate of Pending Litigation%26quot; is placed on your title (in BC, your province may have different wording).

When the time comes to renew your mortgage, your lender cannot give you a renewal with the outstanding debt on your title. When you renew a mortgage, they remove their old mortgage from your title and replace it with a new one. If each of your creditors has placed a %26quot;CPL%26quot; on your title behind your original mortage, your new mortgage is placed under the %26quot;CPL%26#039;s%26quot; . Since your debt exceeds your equity, there would be no way for the mortgage to be secured. You lose your lender, and they demand payment of your mortgage in full. No lender will give you a mortgage.

You need to speak to a Trustee in Bankruptcy. They have options other than bankruptcy. However, based on your debt/no income, bankruptcy really is your only option. Check the yellow pages for a trustee. You have no other choice. If you do nothing, you will not only lose your home, but all of your future assets as well. Bankruptcy is just a word. In your case, it really is the one that matters.

What can creditors do to collect credit card debt?

They can have you served with papaers and attempt to sue you. Capital One is notorious for this. They sued my friend for $2700 on a credit card that had an initial balance of $500

What can creditors do to collect credit card debt?

The Federal Communications Commission ruled they can call your mobile and drive you nuts with calls.

So, other than that, they get a part of your pay check before you see it.

Your home, no. you can keep some stuff. Talk to a lawyer, look in the phone book, they have numbers for recorded messages near the front.

What can creditors do to collect credit card debt?

I understand that you do not want to claim bankruptcy, but have you considered consolidation? Other then that I have no idea what else you could do...I would talk to the bank about consolidating. At least that way you are making small payments monthly towards your overall debt. And debtors will leave you alone.

Best of luck to you!