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Re: credit card debt!
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Posted by J Kelly (151.197.116.9) on January 14, 2004 at 12:40:21:
In Reply to: credit card debt! posted by thomasjm on January 14, 2004 at 12:01:55:
My strategy was to ignore them. I put my phone on fax and shredded their mail. There is a lot of psychology in debt collection. I got early legal advice. You can go to Why Chat's web page and get a ton of information. The most important thing you need to know are your state exemptions. Protect your assets, not hide, protect. Don't keep much money in your bank account. Don't apply for new credit. Don't turn a non secured debt into a secured debt (as in taking a 2nd mortgage on your home) Unsecured debt is just that. Never pay a CA. Take care of your family and the necessities. If a CA does sue, have a plan. Bankrupcy should be considered. I had approximately 10 credit cards, only one did sue, and that was very close to the SOL. (statue of limitations) I never said a word to the CA that sued me, my only answer was from my attorney, I filed Chapter 7. Your chances of not being sued are very good. However, it is always a possibility. Do you homework, protect what assets you might have, and rest easy. Good Luck.
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