Credit card companies can sue as soon as you default, but they tend to wait a while. You should see a bankruptcy attorney and prepare to file.
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Consult with an experienced bankruptcy attorney. We read a number of nightmares in the AVVO postings by people who attempted to file the bankruptcy themselves only to discover they created major problems and yes, even the loss of assets. An experienced bankruptcy attorney will explain all options and exemptions. In exchange for paying the legal and filing fees, you're getting the debt that is annoying you off your back. Here's more on bankruptcy basics: BLUE LINK BELOW
Law Offices of Andrew D. Myers, North Andover, MA & Derry, NH provide answers for informational purposes only. Actual legal advice can only be given by an attorney licensed in your jurisdiction, thoroughly familiar with the area of the law in which your concern lies. This creates no attorney-client relationship.
You do not mention the amount of your debt but if it is mostly credit card debt what usually happens is that the credit card company sells your debt for pennies--less than pennies on the dollar. These "junk debt buyers" then file suit for the full amount of the debt. Typically they do not have the documents to support the lawsuit and the lawsuit can then be dismissed or withdrawn without any payment. I suggest you go to the website for the National Association for Consumer Advocates and find a lawyer near you to discuss your options. Don't jump to bankruptcy too soon.
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