my creditors are three major credit card companies. They are like threatening me with default and saying I won't be able to get credit for 5-7 years which isn't really a big deal for me. But I was wondering how long it will take them to take me to court. I'm about 90 days overdue. psi2941 is credit card debt a non guaranteed loan?
credit cards are non guaranteed loan,
guaranteed loan means theres something as collateral.
as in a house, if you don't pay, you loose it.
as for a car you loose it.
non guaranteed loan, are credit cards and personal loans.
* WARNING * this is my opinion, i may be wrong.
Depending on what state you live in,
as in your case, i would unload any "assets" where they can put a lien on it. second, (i don't want to ask too much personal information) but is your job garnish able? so in my case, i run my own business , so they can garnish me all they want but i can just "quit". as for court, it all depends on how much "assets" you have and how much money you make.
so if you can "reduce" your disposable income to 0, then they can't really garnish you.
so as in your case, these are my assumptions.
you make about 24k ~ 2k/month
have no assets on paper
if my assumptions are correct, they will 100% take you to court and put a judgement on you, however will not enforce it (50-50 shot), until they think they can recover some of the money. That judgement will stay with you for a long time. So one day if you get a large inheritance or asset they can enforce that judgement
so in the long run its better to have a bankruptcy so that judgement can go away. however if you have student loans, don't even bother, with bankruptcy, the student loans don't go away.
EDIT: if you don't live in the US, i don't know anything about your local laws. non of this apply
