At what point ($) will they sue?

[Sammy]

[no_it_all]

Although anecdotal here is some info for you:

Unsecured credit card debt: approx 200K
Largest creditor: 28k

Debtor facts: No visible employment, no visible assets
Outcome: Nothing, nada...never a summons, never a judgement. Nothing.
Piss-poor credit for about six years or so. Not recommended if financial fitness is your goal.

Currently: back up to about 200K in unsecured credit lines...s-w-e-e-t !!

Most important (IMHO) is that debtor <appeared> worthless to chase. Why throw more money at him? Resident state at the time was BK friendly Florida. Debtor used threat of Chapter 7 no-asset to thwart any collection activity.

good luck....

[Minnymouth]

It's like the old saying "you can't get blood out of a turnip - BUT you can own the turnip till it swivels and dies". Turnip will never own anything because it can be liened against. Also turnip can often have wages garnished...


Large debts like Citi at $17K will proably result in law suit... I would say anything over $3,000........ because they can get a judgement against you and make you pay the legal fees also. So they are really out nothing by trying to collect.

[lrprn]

If there's one thing for certain in today's cut-throat, 'get-those-$$-no-matter-what' debt and collections market, it's that it's impossible to say ahead of time what any given creditor or collections agency will do on any given day on any given amount of debt.

Whether a creditor or collection agency decides to come after you or not depends on a complex set of circumstances that can vary widely from debtor to debtor. Depending on what your personal situation is, the outcome for you could be quite different than what others might share.

Still, if it helps you to know, in our situation we had about $80K unsecured debt - a mix of mostly credit cards and a few non-secured loans. We had three credit cards that were $10-13K each. We were close to up to date on most of them when we stopped paying to start gathering money to file. We filed Ch 13 5 months later - only 2-3 of our creditors had gotten us to collections, and no one was anywhere near to taking us to court for a judgment (although we were ready to file immediately if that happened).

[ConnieS]

One of our creditors Bank of American filed suit against us (now stopped dead in it's track thanks to filing) for a balance owed of around $12,000. We owe Beneficial (revolving loan) more than $15,000 and as of last week they were still hounding us to "make a payment and catch up! I guess it's one of those "you never know?"

[Planet Claire]

I had a doctor sue for less than $500.00.

[FilingOnMyOwn]

I owed 16k to Citi for years and they never sued, never even called me. At least not until it got pawned down to the collection agencies.

[Brokerthanbroke]

We were 3 months behind with Chase (Line of Credit- -not home secured) and they sued!

[FoolAndHisMoney]

Although anecdotal here is some info for you:

Unsecured credit card debt: approx 200K
Largest creditor: 28k

Debtor facts: No visible employment, no visible assets
Outcome: Nothing, nada...never a summons, never a judgement. Nothing.
Piss-poor credit for about six years or so. Not recommended if financial fitness is your goal.

Currently: back up to about 200K in unsecured credit lines...s-w-e-e-t !!
Most important (IMHO) is that debtor <appeared> worthless to chase. Why throw more money at him? Resident state at the time was BK friendly Florida. Debtor used threat of Chapter 7 no-asset to thwart any collection activity.

good luck....

You call that sweet? I can't imagine them giving you more lines of credit especially with no visible employment, then again it shouldn't surprise me or anyone else since they never verify anything. I also can't imagine you wanting more credit.

[Fedler]

It's like the old saying "you can't get blood out of a turnip

If you're breathing, you're not a turnip.

[nervous&sure]

We have an ER bill from 3/05 that we got down to $20. Due to other circumstances we couldn't pay on for a couple of months. Got a notice a couple of weeks ago that they sent it to collections.

We had a medical bill last year for $4.80 that they were threatening to send for collections if it was not paid.

Guess it depends on the creditor....:shrug:

[realllybroke]

I have not paid any thing in 5 months on my cc and have not heard from anyone but american express for 3300. The rest are any where form 5800 to 14000.