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theGman

above what $ amount does a creditor take you to court?

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hello....amazing resource this board. thank you to the organizers and regular helpers.

 

questions:

- i have heard that a credit card company will take you to court if you owe above a certain amount. what is that amount? is it 20k?

 

- assume it is 20k.  is that 20k per card? or 20k across consumer cards? or 20k across all cards including business and consumer cards?

 

thank you greatly!

 

gman

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I've never heard any rule of thumb. anything over $0 is subject to court action.

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Your question is far too broad to provide meaningful information.

 

The only thing that matters to you is how likely your specific creditors are to sue you.  

 

If you don't want to list the entities you owe, search old threads for more info on each one that concerns you.  

 

Don't forget to read over here:  https://creditboards.com/forums/index.php?/forum/37-help-ive-been-served/ .

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thanks. these are the creditors. will be great to know how they react as i need to call all of them and have some strategy in place.

 

amex

barclays

capital one

chase

citi

logix credit union

us bank

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if the debt is within SOL any one or all of them may sue, or they may sell the debt to a CA that will sue.

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There is NO magic number.  Litigation has commenced over balances that were only a few hundred dollars.  The entities KNOW that they are entitled to attorney fees when they win AND that post-judgment interest begins to accumulate as soon as the gavel bangs and the Judgment has been signed by the presiding judge.  Other people have had a few hundred thousand across a series of accounts and never saw the first case get filed. 

 

Much depends on where the defaulted debtor resides and the post-judgment remedies which exist in that jurisdiction...but the bottom line is that, if you defaulted, then you need to presume you ARE at risk of being sued. 

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3 hours ago, theGman said:

hello....amazing resource this board. thank you to the organizers and regular helpers.

 

questions:

- i have heard that a credit card company will take you to court if you owe above a certain amount. what is that amount? is it 20k?

 

- assume it is 20k.  is that 20k per card? or 20k across consumer cards? or 20k across all cards including business and consumer cards?

 

thank you greatly!

 

gman

 

Given the vague/limited details provided thus far, yet the total # of creditors you are listing you may want to consult with a bankruptcy attorney.

 

With that said, there is really no standard rule of thumb for when companies will pursue legal recourse - a lot will depend on jurisdiction limits (some companies are more likely to file small claims/civil court than to pursue larger debts in district court etc.).  Also a lot of times their willingness to file legal will be determined on if you have garnish-able wages (and they can verify employment) and/or are a property owner - to which they can attach a judgment as a lien against said property.

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On 3/25/2020 at 12:27 PM, theGman said:

thanks. these are the creditors. will be great to know how they react as i need to call all of them and have some strategy in place.

 

amex

barclays

capital one

chase

citi

logix credit union

us bank

I can say for sure that Capital One will definitely take you to court. They took me to court over 2 cards I had with them. One had a balance of $450.00 and the other for $700.00. 

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On 3/25/2020 at 9:27 AM, theGman said:

thanks. these are the creditors. will be great to know how they react as i need to call all of them and have some strategy in place.

 

amex

barclays

capital one

chase

citi

logix credit union

us bank

Given the current economic climate there is no telling what creditors are going to do in the near future.  Going off past anecdotal evidence AMEX, CHASE, CAP1 and Barclays have all been holding on to their paper and pursuing litigation themselves.  AMEX and CAP1 aggressively.  Credit Unions typically sue as well to collect for the members vs. selling the debt.  

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From that list we were sued by Amex, Barclays, C1, Citi, and a credit union. Chase didn't even bother trying much of anything on an 80k debt. US Bank also never did anything. 

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What are you gonna to say on the phone? Are you making payment arrangements?

Have the accounts charged off yet? Whether they sue you depends on more than amount. Do you appear to be collectible? I’m assuming you are within SOL because you’re asking the question. How much time is left?

Cap One is aggressive and will sue for small amounts. Citi and Barclays will probably sell to debt buyers who will attempt to sue. Chase, not sure, may depend on amount.


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