[fermhanly]

Is there somewhere I can read about what happens, step by step, after a family member stops paying their credit cards because they are out of work?

I need to know if any of the family and their assets will be affected.

And, I need to know in order to best advise family member.

For example, here 's what I am looking to find out:
how many payments have to be missed before it goes to collections?
will credit cards make a deal?
will they cut debt by some amount?
if it goes to collections, what happens then?
what are they allowed to take?
if it goes to collections and you make a payment plan and later you can't pay it, then what?
when does the SOL begin?
is it affected by a payment plan?

Thanks for any help.

[JLoh1970]

Is there somewhere I can read about what happens, step by step, after a family member stops paying their credit cards because they are out of work?

Internet.

I need to know if any of the family and their assets will be affected.

Only if they are joint accounts or joint assets. They can NOT take YOUR house if your brother didn't pay his credit card.

how many payments have to be missed before it goes to collections?

Up to the creditor and could vary on a case by case basis.

will credit cards make a deal?

Sometimes.

will they cut debt by some amount?

Maybe.

if it goes to collections, what happens then?

They will try to collect.

what are they allowed to take?

TAKE? Nothing unless they first get a judgment from a court.

if it goes to collections and you make a payment plan and later you can't pay it, then what?

They will keep trying to collect.

when does the SOL begin?

From the date of the last delinquency.

is it affected by a payment plan?

Yes, every time you make a payment you move up the date of last delinquency.

[fermhanly]

Thanks for your very informative reply.
I've looked on the internet, thanks for that suggestion, but, did not find much and so, I posted here hoping someone might be able to direct me to something specific.

[JLoh1970]

Thanks for your very informative reply.
I've looked on the internet, thanks for that suggestion, but, did not find much and so, I posted here hoping someone might be able to direct me to something specific.

Here try this:
http://www.budhibbs.com/drowning_in_debt.htm