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I have about $20,000 in credit card debt, and business loan debt. One bank, Advanta has said that they will file for a lawsuit against me, if I don’t pay, and that they could put a lein against my bank account. I don’t really know what to do, I don’t want to file bankruptcy, I have been down that road once before and I don’t want to go down it again.

Your fear of a lawsuit from the credit card companies is legitimate and it can (and does) happen however, you need to remember that the collectors and credit card companies typically do not want to sue because lawsuits are expensive for them. The threat is there but they don’t often act on it which is why they settle with people who cannot afford to pay back everything they owe.

What you need to consider is this: Are you able to pay back everything you owe? If you have the money but don’t want to pay or if you have assets you can sell to pay down your debt but you don’t want to then you are in the wrong. You must bite the bullet and pay what you owe if you can even if it crimps your lifestyle. If you are unwilling to do that, then there is a greater risk of your creditors using the most aggressive tactics against you like filing suit.

However, if you are REALLY not able to pay what you owe, then you need to seek out help. Professional debt relief services may be able to put together a program for you that gets you out of debt over time. A good debt help company knows how to minimize the chances of a lawsuit mostly because they have established relationships with the decision makers at all the major credit card companies.

I suggest you find a debt relief company and see if what they have to offer can guide you through your situation. Best of luck to you.