The short answer to your question is YES. Your bank accounts may be frozen and the money be turned over to the Court. The Court in turn will pay Discover Card. Your car may be sold and a lien may be put on your property.
It would be in your best interest to try to come to an agreement with Discover Card. Hopefully, they will agree to a lesser total amount owed and/or a payment arrangement in which you can pay a certain amount to Discover on a monthly basis. So long as you stay true to the agreement, a judgment won't enter. If you stopped paying, then a judgment would enter.
Below is a longer explanation as to judgments, collection and exemptions. PLEASE take the time to read the rest of this answer.
In North Carolina, if the creditor (Discover Card) gets a judgment against you, it is valid for 10 years and can be renewed for another 10.in NC for 20 years. They can be moved from county to county, state to state, and country to country.
The reason that a creditor (Discover Card) wants to get a judgment against you is because it is can use it as a tool to get your money. Wages can be garnished in NC, but it is a complicated process and is not done extremely often. Creditors also can get the sheriff to sell land or houses if they file a judgment lien filed against against you . If you have a car, bank accounts, or other valuable property, Discover Card can sell these items or collect its money through the sheriff's office. This is called executing a judgment.
Discover Card can also can bring special proceedings against you if it has a judgment. In this case, Discover card would make you appear in front of a judge and testify and prove what assets you have so that Discover Card can see if it is worth it's trouble to keep going after your assets.
Exemptions are important because they say what assets a creditor CANNOT take from a debtor when he is trying to collect a debt.
If Discover Card gets a judgment against you, you will be sent a notice to CLAIM your exemptions which looks like any other old' legal paper to most people. If you do NOT fill out the form in a timely fashion when you get it, YOU DO NOT HAVE ANY EXEMPTIONS. This is a very costly mistake. So, if a judgment it obtained, look for it in the mail, FILL IT OUT and file it!
You can claim things that you think should be exempted from Discover Card's attempt to collect your debt. For example, your wages, house, retirement, car, etc. Name them all! It will be the Clerk who will determine what is exempt and what is not.