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Roger, Attorney
Category: Legal
Satisfied Customers: 31729
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am a 72 yr. old and just lost my job. I owe Amex. About

Customer Question

I am a 72 yr. old and just lost my job. I owe Amex. About $13,000 and my only income is a S.S check of $1164.00 per month. I need to know what can I expect from American Express as far as any legal action.
Thank you
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.

Hi Tony - my name is ***** ***** I'll be glad to assist.

If you know this issue is coming, the best thing to do is contact your creditor, tell them what has occurred and see if you can make arrangements to pay the debt off at a certain monthly amount to prevent your account from going into default.

If they aren't agreeable to that option, then you can expect AMEX to eventually sue for the amount owed. However, if your only income is SS and you have no assets free and clear that it could attach, it would likely be a futile proposition.

Expert:  Roger replied 1 year ago.

Another option would be to file bankruptcy and have the debt discharged as an unsecured debt. IF you do that, you can rid yourself of the obligation and also prevent the creditor from attempting to seize any property/assets.