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Good evening. The statute of limitations
in Louisiana is 3 years on a credit card account. So, if they file a suit within 3 years of the last payment you made, then you would still be within the statute of limitations. And, if you owe the money, they could get a judgment against you. BUT, getting a judgment and collecting a judgment are two different things. Even if they go to the time and expense of getting a judgment against you, it will be uncollectible. That's because your SSDI is exempt and they cannot touch it...either by attempting to garnish it or by trying to levy your bank account after it's been received. If that's all you have, then they will simply have an uncollectible judgment. You could file for bankruptcy protection and get this judgment discharged, but you don't need to do so. In the meantime, what you would want to do it contact them and let them know your solution. Whether or not they will actually pursue this to a hearing depends upon their assessment of the collectibility of a deficiency judgment. So, if you can convince them there is nothing for them to get, and that if they were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage with the bank because they do not know whether or not you would… then it is unlikely the lender will spend the time and money necessary to get a judgment they believe is uncollectible in the end.
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