The more I read these sites the more I am starting to believe that most of the time when a creditor sue's it's because they know they can recover by wage garnishment. Does anyone know of someone's car being pick up or furniture taken due to a judgement by a unsecured creditor? Or their home being sold by unsecured creditors. Do unsecured creditors sue if they know they can't recover?
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Judgments
What I have seen is that the credit card companies have won judgments and have placed executions or liens on a plenty of properties that I can see on the online registry of deeds. Amex, Citi, Chase, BofA, Discover- they're all represented. -
It seems to me that if you own a home, plane, boat, etc you are far more likely to be sued. In my state (and 3 others) there is no wage garnishment so it doesn't benefit the creditors to sue someone who owns squat. I noticed a lot of businesses and DBAs being sued in my court system because there is likely to be sellable property tied into a business.
If you answer the summons here, it may be the end of 2011 before it hits the courtroom (might I add that the answers occurred in mid '09, you do the math on future summons/dates). I notice a lot of them being dismissed because there is plenty of low hanging fruit in those who don't bother and lose by default.
As for the companies...Chase and Discover seem to be those that sue the most. AMEX had a few on the docket. BoA tended to go after businesses and foreclosures. GE Money seemed to have very few in '09 though they were sue-happy in more prosperous times.First consult: You go now, no CH 7 for you. You spent entire buffet. 13 has a 95 percent payback. (Owwwch) On to next consult....Comment
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