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Category: Legal
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Experience:  Licensed attorney helping individuals and businesses
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Following my divorce I was left with $66,000 in credit card

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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.
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