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Credit Card Lawsuit Tips

Credit Card Lawsuit Tips

Filing a credit card lawsuit is expensive for both parties, despite what your creditor might tell you and as much as possible, they do not want the case to go all the way to court. The reason for this is that pursuing a credit card lawsuit means getting less of the initial amount of the loan. For this reason, many creditors will not press charges against debtors who owe them very little. In this article, we will discuss effective tips to keep in mind if the lawsuit pushes through.

One: If the situation calls for it, it’s best to seek financial advice from a professional credit counselor. Try to work with the counselor for a great payment plan that works for both you and your creditor to avoid the credit card lawsuit.

Two: If left with no other choice, filing for bankruptcy will get rid of any pending credit card lawsuit and collection efforts will freeze up automatically. Bankruptcy rules under Chapter 7 and Chapter 13 denotes that an individual is eligible to file for bankruptcy depending on his/her current financial status and the asset condition. But be warned, before even considering filing for bankruptcy, this will cause much damage to your credit.

Three: Settle with your creditor and avoid the credit card lawsuit altogether. Just like you, your creditor is probably not looking forward with pursuing the credit card lawsuit so it’s best to just take action by calling them up, letting them know that you are willing to resolve the issue out of court and chances are, they feel the same way. However, it’s important to agree only with a realistic repayment plan because not standing by the agreement meant being sued twice for the same debt and this time, the court might side with the creditor.

Four: watch out for deceptive creditors that will try to get to you sign on debt confession. Debt confessions why bypass the need for a court judgment simply because you already confessed to everything! So never sign documents with your signature and then send it to the creditor. Some creditors are known to scan signatures and then place them on certain documents to make it seem that the debtor signed them.

Faced with a credit card lawsuit? Don’t worry, this amazing guide will help you learn everything you need to know about ending debt claims in court! Click here for more details.

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