Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Before any creditors - including credit card companies - can attach or place liens on any assets, such as real estate, bank accounts or cars, the creditor must get a judgment from court.
Getting a judgment involves filing a lawsuit, which takes at least a few months.
most credit card companies wait at least 6 months after the debtor stops paying to take legal action (file a lawsuit).
So, it should take at least 9 months after stopping paying your credit cars for your assets to be in jeopardy.
In other words, a Bankruptcy can prevent liens from being placed on assets, and a Bankruptcy can remove any liens that have already been placed on assets.
If I file bankruptcy at some point thereafter would that stop any action the creditors could take until the final outcome in court ?
I did not see your additional comments, but they answered my last question.
I have to ponder on that information and may have more questions later..I certainly appreciate your help. Thank you.