credit debt
I had a recent situation with some credit cards and was not able to pay on time so I stopped paying. This was about 2 years ago. I am in graduate school and will begin to pay on them as soon as I graduate. A collection agency has been constantly calling me with threats and recently said they were going to take me to court. Can i be prosecuted or any of my assets relinquished( as a student I dont have many) because of my inability to pay on the credit cards? thank you.
Re: credit debt
A lawsuit can be filed against you and a judgment taken for the amount of the debt, accrued interest per the credit card agreement, court costs, attorneys fees plus post judgment interest at 12-18 per cent. But, if you don't have any assets subject to execution, they can't hang you by your heels and empty your pockets.
