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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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my wife has a charge card in her name that she can no longer

Customer Question

my wife has a charge card in her name that she can no longer pay since they raised her interest rate to 18% from 9.9%. she has lost her job and the charge company is unwilling to work with her. if she stops payment what recourse can the charge card company do??? can they put a lien on OUR home??? even tho the card is not in my name but are home is in both are names... please help. randy
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

your home cannot be liened since it is in both names

The first thing to be aware of is that a lender is not going to modify a fully performing loan. You will typically need to be 60-90 days behind before they will discuss modification. They will only modify to mitigate their risk . As long as you are paying, they have no incentive to modify.
Ellen and other Bankruptcy Law Specialists are ready to help you
Customer: replied 7 years ago.
so what is the worst that can happen if she stops paying? and would it be likely the might setted for 1/2 the debt? she owns 11,000.00
Expert:  Ellen replied 7 years ago.
the creditor may be able to obtain a judgment against your wife and use the judgment to garnish wages she may have or attach other assets that she may acquire. It is not unlikely that the creditor would settle for 50%