Hello, and welcome to James Foley PLLC. My name is James Foley; and as a seasoned credit-card lawsuit defense attorney, I represent the residents of Southlake who have endured unexpected circumstances in their lives that have created financial crises – divorce, death of a spouse, job loss, escalating medical bills, and more. Life's circumstances can take their toll with one's ability to make credit-card payments. If you are among the millions of Americans that struggle with delinquent credit-card debt and fear the possibility of a credit-card lawsuit, James Foley PLLC can help!
The first step toward financial recovery is becoming empowered. Because of that, I have provided some basic information you should know regarding credit-card debt. Please take a few moments to read the information, and then give me a call. We can schedule a complimentary case-assessment to fit your schedule. Want your life back? – Let's get started!
Unsecured Credit Card Debt
Just because credit-card debt is 'unsecured' and not backed by collateral does not mean severe consequences won't ensue, if payments cease. If credit-card debt is left unpaid, a barrage of consequences should be expected:
*** drastic decline of your credit rating
*** hiked fees and penalties and/or inflated interest rates on balances due
*** ongoing calls from creditors or collection agencies
*** a lawsuit filed against you
*** the serving of a citation
*** frozen bank accounts or savings accounts
*** seizure of business property or personal property
At times, one may be able to negotiate a settlement with credit-card companies to make payments more feasible. If you are able to successfully negotiate with your credit card company, it is vital you get any agreements in writing. It should be noted, however, that some credit card companies will, abruptly, end their extension of credit if they have any inkling that payments might cease.
At James Foley PLLC, we can discuss your options; but sometimes, the best choice is bankruptcy. Through Chapter 13 bankruptcy, you are allowed to keep your property while paying all or part of your debt. With Chapter 7 bankruptcy, you can discharge your credit-card debt while losing little or no property.
Credit-Card Debt Lawsuits
If a creditor or debt-collector chooses to sue you over unpaid credit-card debt, the heat is on. You could, ultimately, face a judgment issued against you. At this point, bank accounts, savings, a portion of personal income, vehicles, tools, machinery and other valuable assets can be seized as payment towards the outstanding debt.
The last thing you would want to do is ignore any lawsuit complaint or respond to the suit in an untimely manner. Pretending a credit-card lawsuit doesn't exist or not meeting the appropriate time-frame in which to respond would mean the plaintiff would be victorious; it would win by default. You would relinquish any rights you would have had to present your case. It is imperative you are represented by sound, legal counsel since, in Texas, you may have as little as 14 days from the date of service to avoid a default judgment which would give the creditor everything it asked for.
The Law Provides You With Rights
Our legal system offers protection for you, the debtor, regarding credit-card lawsuits. They include:
1. Statute of Limitations
If your account meets the guidelines for the statue of limitations, it has become old enough to prevent creditors from making further attempts to collect from you. It is important to note that the statute of limitations can begin on the date the account became, officially, past due or it can begin with the last date of activity on the account. Debtors can, without realizing it, restart the statue of limitations, via, the following:
*** acknowledging the owed debt
*** in writing
*** signed
If your debt has already been charged off, making a payment on the account may create more problems, please call me first.
With the statute of limitations, you must prove your case in court. If your evidence satisfies the statute-of-limitations guidelines, your liability for the owed debt becomes null and void. However, if your evidence is not valid, the plaintiff would win and you would be faced with a judgment.
2. Inability to Prove Ownership of the Account
It is very common for creditors to wash their hands of their collection efforts and sell unpaid debt to debt-buyers, such as Midland Funding or Portfolio Recovery. Accounts are sold in such large amounts that it can become impossible for debt-buyers to determine if your account was part of those transactions. Also, debt-buyers may be unable to prove that the sought-after amount is accurate; or they may be unable to verify if you own the debt. If so, you may have a defense to a collection lawsuit.
3. Inability to Authenticate Documents
Again, debt-buyers such as Midland Funding or Portfolio Recovery, may not be able to provide authentic documents of the original creditor. In many states, a creditor or debt collector suing for collection must: 1) attach a copy of the account or a copy of the written contract or agreement to the complaint or 2) state, in the complaint, why the account or document is not attached. You may be able to get the lawsuit dismissed if this 'attachment rule' is not followed.
Possible Outcomes of Credit-Card Debt Lawsuits
1. A Non-suit of the Case
If your case is non-suited by the plaintiff, it might put your case to rest, in your favor. It is possible for a re-filing of the lawsuit could take place. It would be imperative that you be represented by strong legal counsel in this situation since your creditors may, then, choose to non-suit their case against you – a form of withdrawal. This action would be deemed 'without prejudice' since it would involve a ruling that is not based on the merits of the case.
2. A Ruling in Your Favor
A ruling in your favor is the most-hoped-for outcome since you would be free of any further pursuance by the creditor or debt collector. You would, now, have the right to file for monetary compensation against the plaintiff. You would, also, want to have the debt removed from your credit report; and I would be happy to assist you with that task.
3. A Ruling in Favor of the Credit Card Company
A ruling in favor of the credit card company would entitle the creditor to issue a judgment against you. You would be informed of the total amount of debt you would be obliged to pay. Bank-account levies, property seizures, and seizure of personal property could, all, be used as payment toward the unpaid debt.
4. An Agreed Settlement
If a mutually-agreeable settlement can be established by the creditor and the debtor, a trial and be avoided. The creditor may agree to accept far less than the full debt amount. If a creditor agrees to this, however, it can negatively impact your credit score.
James Foley PLLC is Here to Help
The legal ramifications of a credit-card lawsuit can feel daunting; but James Foley PLLC can serve as your strong ally during this difficult time. Financial recovery is very possible; and the first step is to give James Foley PLLC a call, today. Creditors have potent lawyers on their side to fight for their rights; and so should you!
Call me, today, for a complimentary case-assessment in any of these areas:
*** Debt-buyer suits
*** Original-creditor suits
*** Vehicle repossession
*** Loan-deficiency suits
James Foley
~Credit Card Lawsuit Defense & Bankruptcy Attorney~
817-738-1633
~Your peace of mind is only a phone call away~