I just got served with a lawsuit (Texas) by a collection company on an old CC debt, what can they do to me?
I am concerned because some say they can garnish my wages; others say they can seize an asset, or two. However, I’ve also been told they can only put a lien on my home and nothing more. Could I go to jail? What can they legally do to me? Can they take my home or personal property? Or just mess my credit up more than it already is? And to boot, we offered to settle this debt with them 14-months ago, they refused to put anything in writing and we never heard from them again, until Friday; right before Christmas!
they’ll sue you and garnish your wages
August 23rd, 2010 at 10:00 pmnews flash: credit card bills have to be paid
I’m not sure of Texas laws on this, but you can go to findlaw.com and research them. In alot of states it depends on the amount of the debt, but usually, all they can do is get a judgment entered against you that will remain on your credit record for seven years. I do know that alot of collection agencies will use all kinds of scare tactics to try and collect because they know that, in general, most people won’t get legal advice and will just give in and try somehow to pay.
August 23rd, 2010 at 10:00 pmSince you are from TX, your state’s statute of limitations is 4 years. If your account is 4 years or older, they cannot legally sue you. Read more about it on the link I attached.
August 23rd, 2010 at 10:00 pm