Question about Collection Agencies

[ezgo68]

We have about $30,000 total cc debt on 8 different cards. We haven't made a payment since May because my wife is no longer working. Do all credit card companies eventually write the debts off and sell to collection agency? After they go to a collection agency is the amount frozen (no more accrued interest)? And can collection agencies get a judgement in court? Thanks for any help with my questions.

[Minnymouth]

You need to sit down and read some information here on the forum about the questions you may have regarding collections......

Some creditors do not do collections - they sue and garnish wages.....
Many do not charge or write-off - they sue.....
Some will do absolutely nothing about the debt!!

Now have you filed BK or just considering it?

Have you done a income/expense plan to see where you actually stand....

Have you pulled currect credit report to see the status of each account you know have on record?

Have you talked to an attorney.......

Or are you just now getting general ideas of what you need to do and how to go about it.....

What are your circumstances and we'll see if we can help.......

First things first.............. collections and garnishments can be dissolved in bankruptcy......

[ezgo68]

Thanks for the reply. We are just now getting general ideas of what we need to do and how to go about. I guess I have just been hoping the problem will go away. We chose for her to stop working because it was hurting our family life (We homeschool our children and she was working nights while I worked days).

I'm trying to figure out a way for me to earn more money but haven't yet.