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What Should I Do if a Credit Card Company is Suing Me?

refinance credit card debt
  • Blog
  • Jill
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  • July 13, 2020

What Should I Do if a Credit Card Company is Suing Me?

Credit cards are an amazing way to purchase items. However, for some, it can be tempting to over-purchase with a credit card. This can easily land you in debt. While it might seem like you can get away with overspending on your card without making payments, there are consequences. You may get to a point where you need to refinance credit card debt.

If you default on credit card debt, you could be facing a lawsuit. If you do not pay your credit card bills, a lawsuit will look for the court judgment. This judgment could allow the credit card company to garnish (take a portion of your paycheck or money) your bank account until the debt is paid. If you are being sued by a credit card company, you do not need to panic. There are steps you can take to make things right. 

File for Bankruptcy

When you file for bankruptcy after being sued by a credit card company, you can put a stop to collection proceedings (including lawsuits) by the power of the automatic stay. This method will eliminate any wage garnishments or foreclosure actions. Bankruptcy is a great way of managing debt, especially credit card balances. Chapter 7 bankruptcy will discharge your unsecured debts while Chapter 13 bankruptcy will restructure your debt. Out of the many ways of managing debt, bankruptcy is highly efficient.  

Debt Settlement 

More often than not, the credit card company suing you will agree to a debt settlement. A debt settlement negotiation can help you avoid bankruptcy. With debt settlement, you will also most likely find a path to affordable payment arrangements with your creditor. To arrange a debt settlement, you will most likely need the help of an attorney. You do not want to go into a debt settlement with no understanding of the process or you might be taken advantage of. Your next question may involve how you can recover financially after your debt settlement. 

Consolidate Debt or Refinance Credit Card Debt

There are many ways to consolidate debt. When you refinance credit card debt, you are becoming debt-free by avoiding or lessening your interest rate. By choosing to refinance credit card debt, you are moving your credit card balance from one card (or lender) to another. This will allow you to save money on interest and consolidate debt. While choosing to refinance credit card debt is a great option to consolidate debt, you must have a credit score over 680. 

Seeking Help 

Being sued by a credit card company may make you feel helpless. After all, you are only one person. Even so, you do not have to figure things out on your own. With the help of an attorney, you can examine your options, such as filing for bankruptcy or asking for a debt settlement. A consultation with a lawyer can make things much easier to understand and open a few new doors.

How Bartifay Law Offices Can Help 

If you are being sued by a credit card company, you may consider filing for bankruptcy. Bartifay Law Offices has been assisting clients with matters of bankruptcy, foreclosure, and mortgage modifications for over 20 years. We understand the stress that financial difficulties can put you under and want to help alleviate your troubles as much as possible. With our help, you can easily file for Chapter 7 or Chapter 13 bankruptcy. If you are being threatened with foreclosure, we will provide the best attorney for defense. For a consultation, reach us at 412-824-4011.  

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