Best Consumer Protection Lawyers in Cherry Hill, NJ

Defending Credit Card Lawsuits If you struggle to make the minimum payments on your credit card debt, a lawsuit might be in your future. Just making the minimum payment due isn’t enough to chisel away at the balance. High finance charges and fees add to the total so that your balance and your payment amounts keep going higher. Once you begin missing payments or stop paying on the debt altogether, your creditor will start looking for ways to collect their money. Your creditor might begin calling and reminding you of your financial obligation. Then, after a few missed payments, they might offer you a settlement to pay off the debt for less. If you don’t agree to the settlement, the next step might be to sue you. What Is a Credit Card Lawsuit? When the company or bank that issued your credit card or a third-party company sues you to obtain the debt you owe, the result is a credit card lawsuit. Even if the original creditor has marked your account off as a loss, another company might purchase your debt. Either the original creditor or the purchaser can initiate a lawsuit against you. It doesn’t matter that you don’t have the money to pay off your debt. These entities can find other ways of collecting what you owe. These might include wage garnishment, bank account levies, or property levies. That means that a credit card lawsuit could not only wipe out your savings but result in lost financial or real estate assets.