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Re: Part 2: Assessing likelihood of credit card companies filing lawsuits


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Posted by Why Chat (209.240.198.61) on June 29, 2003 at 12:42:24:

In Reply to: Re: Part 2: Assessing likelihood of credit card companies filing lawsuits posted by scott on June 29, 2003 at 12:25:20:


Yes, Discover sues at the drop of a hat, however,in general, when using this technique, you MAY take the risk of getting sued and even having a default judgment entered against you. The cards to keep are NOT neccessarily the ones that WILL sue, or even the ones with the lowest interest rates or highest limits, they are the ones with a RENEWAL date as far away as possible.

IF you DO get a judgment or 2 against you, and there is NO indication of your PAYING it, or having it executed against you, you can be reasonably certain that the rest of the creditors will not waste their $$ on filing another lawsuit against you.

Remember, that many States have only a 7 year or less time period for a judgment to remain executable.And if you are in a no garnishment State with assets NOT in your name alone,it MAY be preferable to tough out 1 or 2 judgments,rather than declare BK.


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