What is the the likelihood of getting sued??

[Nick9075]

I have not made payments to AMEX or Chase. So far it is a total of $6,000 for AMEX and and $3,000 to chase. Chase is now over 90 days and all I get are calls at a phone number I don't answer.

I got two letter from from 2 different collection agencies that AMEX referred the debt to. One is for over $5,000 and the over is on a $1,100 gold card.

Of course both cards promptly reported to the credit bureaus. I am now at 60 days & 90 days late.

Should I assume that with all the chargeoffs and bad debt coming that I just won't hear anything regarding a lawsuit??

Someone on another board said he stopped paying over $100,000 of credit card debt 3 years ago and other than a few letters & calls nothing has happened

My credit is already trashed for 7 years and likely it is going to get worse where BK is a real possibility due to judgements. I already spoke about the lease I needed to skip out on to move to another city due to unemployment.

[liz417]

Chase (27k) and Amex (13k) are my biggest creditors and most aggressive, but it's been 1 year since I've stopped paying them (along with my other cc's totaling over 72k) and I haven't been sued...yet. Chase and Amex are the most aggressive in collecting, your accounts will be bounced around to different collection agencies/"law firms".
Hang in there and don't worry about it. If you get sued, you'll have time to response and/or file your BK.
Good Luck~!

[JRScott]

Probably wouldn't be sued at all until at least past the 180 day mark. However fi they can't reach you by phone they might start trying to call family/neighbors/work if they can find out their numbers.

[liz417]

Probably wouldn't be sued at all until at least past the 180 day mark. However fi they can't reach you by phone they might start trying to call family/neighbors/work if they can find out their numbers.

Yes, very important point. I pick up the phone every-once-in-awhile just to let them know that I'm alive and still planning on filing BK. They always want more info, but I'm just "vague" and tell them I'm doing the best I can...so yes, pick up the phone because you don't want them calling family and neighbors!

[danoct]

I owe Chase and they said 7 months late is the time they write it off as bad debt and see where they want to go with it.

[HHM]

Your odds of being sued by at least 1 creditor is 99%, the real question is when?

Your odds of being sued by the breached is 100%.

Sounds like you have time, for the most part, the original creditor doesn't sue, so you usually have 180 days (i.e. until charge off), note, Target National Bank seems to be the exception here, they are suing directly.

If you allow all this missed payments, charge-offs etc, a BK will actually improve your credit report

Also, the amounts you listed are in the sweet spot for collection lawsuits, especially the $3,000 Chase. It doesn't surprise me the other persons with $100,000 in CC debt hasn't been sued or 3 years, those are low yield cases. However, suits between $1,500 - $5,000 yield the best return for collection agency (reason being, it is usually not enough for a person to BK over, and most people will usually arrange some sort of payment).