alsteig wrote:The answer is no. "Cashnocredit is 100% INCORRECT."It doesn't matter how much equity or lack of it you have. Your credit card is an unsecured debt, unlike a mortgage which is secured against your property. Your credit card is only secured against your now tarnished name. They can of course file suit against you and get a judgment against you. Similar to any other creditor you have bilked. The judgment may include garnishment of wages if they can find your accounts. a lien on the property is also possible but they cannot foreclose. Chapter 7 sounds like your best option depending on your unsecured debt. PM me with any questions.
Of course they can force sale of your house once they have a judgement if you live in a state that allows it (unlike Florida). Generally, people do not own homes outright or have very high equity when also having major judgements against them. But it does happen. When it does you can lose your home.
If you owe 50k on your CC, they have a judgement, and you own a 1,000,000 home outright, you can bet they will sell your home if allowed in your state. That it's uncommon doesn't mean it doesn't occur.
Ya know, Saying I'm "100% wrong" is something you should do only whey you are absolutely positively certain you are correct. Are you? Are you absolutely certain? lol..