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Mike Davis and Associates PC.

Blogs

  • By: Mike Davis, Esq.

DON’T THROW MONEY DOWN THE TOILET! FIGHT BACK AND WIN! YOU HAVE DEFENSES! THE STATUTE OF LIMITATIONS – 735 ILCS 5/13-205. In a credit card collection case, the statute of limitations is five years. Portfolio Acquisitions, L.L.C. v. Feltman, 391 Ill.App.3d 642 (1st Dist. 2009). If it has been more than five years since your last payment on a credit card account,…Read More

  • By: Mike Davis, Esq.

Filing for bankruptcy can be the right move in some circumstances, but often it is not the right thing to do if the main reason for filing bankruptcy is to escape credit card debt. UNPLEASANT FACTS ABOUT BANKRUPTCY. 1. Your credit rating will take a severe beating. This is not the end of the world, and although you may be able…Read More

  • By: Mike Davis, Esq.

Four cents on the dollar is the typical amount paid by a debt buyer for a delinquent account. “Why is this debt sold for such a cheap price? Certainly part of the reason is the poor prospects of payment these creditors expect from the defaulting individuals given their past delinquent payment history, while another part is undoubtedly to avoid additional…Read More