Is it wise to ignore a credit card lawsuit? In many cases, it is not wise to do so. If you ignore a credit card lawsuit, the bank can get a court judgment within as little as 30 days after you are served a summons and complaint. Here is what’s worse. Not only do these judgments include the amount of principal that you borrowed, but the creditor also includes late fees, interest, attorney’s fees, and costs for filing the lawsuit against you. You could end up paying hundreds or thousands of dollars more in interest and attorney’s fees by allowing the creditor to obtain a default judgment against you.
In many cases, hiring an attorney after being served a credit card lawsuit can save you money. In many cases, an attorney can work out an effective settlement of your debt for less than a creditor would receive in a default judgment situation. This is especially true for creditors who are third-party debt buyers who buy thousands of delinquent credit card accounts for pennies on the dollar and then come after you for the full amount of the original debt.
Many people may try to defend themselves from these lawsuits alone or by doing online research regarding these cases. Some people are pretty successful doing it alone. However, for many people, litigating their own case ends up a nightmare. There are many deadlines and things you must do from the date you file your answer with the court to being ready to litigate your case at trial if all settlement negotiations fail. Many settlements in these types of cases come the morning of the actual trial date. Having a passionate and effective attorney in your corner can help you save money and the stress of going through this type of litigation alone.
