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If I have 1m in credit card debt and decide not to file bankruptcy , what happens ? If i dont dispute the card company

Houston, TX |

If I don't dispute card companies
And don't file bankruptcy
What can the do to me ?
I own my car and home. No debt.
I have a s corporation, I'm the only share
holder. I'm married. My wife is not on the cards or company.
I faves perfect credit before this default
The default is due to an additional card holder who frauded me and charged on his card after being told not to in writing
Stuck me with 1.2 mm in card debt.

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Attorney answers 4


If the cards are yours personally or for the busines and backed your personal guaranty, there may be strategies you can use to deal with the debt without bankruptcy. You would be at risk of collection suits by the various creditors for 4 years after your first missed payment, but that possibility is contemplated in the overall strategy. You can call me for a free consultation.

This comment is given for educational purposes only. No attorney-client relationship exists between us.


If you have only $1,000 ($1k=$1,000) in credit card debt, you can likely pay it, settle it or make installments which would be less that the trouble that having years of collections and possible judgment would cost you. The property you mention appears exempt, but the inconvenience of a judgment being valid for 10 years and possibly renewed for another 10 years, could interfere with buying real estate or other financial transactions.
If you have $1,200,000 of debt, ($1M = $1,000,000), then consult with an experienced bankruptcy attorney to file chapter.
The problem appears with the additional card holder, who may be sued for their unauthorized actions.
Good luck

General legal advice is offered for educational purposes only. A consultation with a qualified attorney is required to determine specific legal advice as to your situation and applicable law. We are a debt relief agency and we help people file for relief under the bankruptcy laws.


Call me naive; but, after 27 years of handling bankruptcies, as well as other types of law, I have never heard of a credit limit THAT HIGH on one credit card. Your S Corp must have assets, which would be at risk if the creditor executed on a judgment.

Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662. Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 26 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid.


I million and they sue you, (which they will) you will be faced with years of litigation, writs of garnishment, motions for turnover, and thousand of dollars in attorney fees. Either move to Mexico or file a bankruptcy.

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