How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask INFOLAWYER Your Own Question
INFOLAWYER
INFOLAWYER, Attorney
Category: Legal
Satisfied Customers: 53914
Experience:  Licensed attorney helping individuals and businesses
11313492
Type Your Legal Question Here...
INFOLAWYER is online now
A new question is answered every 9 seconds

Following my divorce I was left with $66,000 in credit card

This answer was rated:

Following my divorce I was left with $66,000 in credit card debt. I borrowed money and negotiated settlements on all but three accounts. These 3 credit card companies would not negotiate. I was making payments until I lost my job. They were turned over to collection agencies and sold and resold. Last year one of them was turned over to a law firm and they set a court date. In the meantime, they have been charging me $2.50 a day interest, so  a debt of $3,600 is now $12,216.00. I negotiated a settlement on the one last year and took money out of my 401K. They dropped the interest fees of $7,000 and I settled  it for $3,500 which was the amount owed. I have again lost my job and received letters yesterday from the same law firm on the two other accounts. I understand the statute of limitations on credit cards in NC is 3 years.I am at the 4 year period. Does the statute have any bearing in this case?Since I am unemployed will I have to pay taxes if I take money out of my 401K again?
If there is no judgment in place or a settlement negotiated then the statute of limitations does not apply. If not sued yet, it would apply. Monies should not be taken out of the 401k. such monies are exempt.
INFOLAWYER and 6 other Legal Specialists are ready to help you

Related Legal Questions