Will a Credit Card Company Take my Possessions if I Don’t Pay My Bill in New York City?

If you are not paying your monthly credit card bill it’s only a matter of time before you start getting phone calls, collection letters and eventually a lawsuit against you if you live in New York City.  However, since credit card debt is not backed by any asset, like the way a mortgage is backed by the actual home for example, a credit card company cannot simply come after your stuff if you’re not paying your bill.  A car lender could repossess your car, and a mortgage lender could foreclose on your home, but for a credit card company to come after your property for non-payment they need to sue you and obtain a judgment against you first.

If they decide to sue the lawsuit against you will have to play out in the court system which will take some time, but if you are not paying your bill the credit card company will likely win the case and obtain a judgment against you sooner or later.  With the judgment the credit card company will be able to liquidate your non-exempt property to satisfy your overdue bill.  Help is available however. If you have fallen on hard times and are struggling to pay your credit card bill speak to an attorney about your debt relief options before your credit card company wins a default judgment against you.  You have rights under the US Bankruptcy Code and can completely eliminate the credit card bill by filing bankruptcy.  Filing bankruptcy will stop your creditors in their tracks even if they already filed a lawsuit or even have a judgment against you.

Your credit card company isn’t going to sue you over a missed payment or two; in fact they are usually happy to rake in the late fees while raising your interest rate.  But if you stop paying altogether because you can’t afford your bill credit card companies will be relentless in their collection attempts.  Bankruptcy can certainly help, but filing bankruptcy is not for everyone in debt.  Speak to a qualified bankruptcy attorney in New York City who can evaluate your overall debt picture and advise you accordingly.  Bankruptcy has many other pros and cons to consider beyond your credit card bills.

Knowledge is power.  Get the facts for your situation and ignore the rumors about bankruptcy.  You have rights as a debtor and can find relief from your debts and protect your assets by filing.  If you need affordable bankruptcy assistance in New York City contact the Law Offices of William Waldner online or at 212.244.2882 to arrange a free bankruptcy consultation today.  Our law firm only practices bankruptcy law and maintains a 99% Chapter 7 Bankruptcy discharge record in New York City as of 8/31/16.

**** DISCLAIMER:  This article is intended for educational purposes only.  By reading no attorney-client relationship has been created.  Prior results do not guarantee a similar result for future clients.