My wife and I have three Chase credit cards that have charged off. My wife has been out of work for over a year. We have been in contact with Chase about our circumstances. Does Chase often sue? Is my wife's unemployment a good argument if we are sued?
Answer
Chase or their collection agency will sue if they believe collection is possible. Also
Chase may sell the debt to another party who may sue to collect. Being unemployed
is not a defense to a lawsuit for collection but it may be one reason why Chase has
not sued yet. If either of you are employed or have bank accounts or property which
can be garnished or seized, Chase or their agent will sue. Just because Chase has
written off the debt doesn't indicate Chase will not sue. Writing off a debt is an
accounting procedure for tax purposes. If you pay any amount toward the debt, you
will not later be able to defend a lawsuit with the statute of limitations. Until you can
arrange to pay or settle the debt, it is best to pay nothing.
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