I'm not behind on mine, but I often day dream about not paying any of them, and having a lot of money from my check to spend.
2006-06-25 08:28:35 · 11 answers · asked by MissKathleen 6 in Business & Finance ➔ Credit
First, it is not true that bankruptcy doesn't help. You may still be eligible for a Chapter 7, but if you have to file a Chapter 13, with a plan that pays off your credit card balances over a period of up to 5 years, you get no added interest or late charges, no phone calls from creditors and even if you can only pay 10%, they go away if you complete the plan.
Second, you don't go to jail for not paying credit cards. They can levy on anything of value you own, unless it is exempt under state or federal laws. They can take you to court and get a judgment good for 10 or 20 years, and they can ask a judge to examine your ability to pay every six months or so, but no jail. Unless, of course, you ignore a court order to show up for a hearing. That's contempt and could get you to jail.
2006-06-25 08:37:17 · answer #1 · answered by thylawyer 7 · 3⤊ 1⤋
No, you CANNOT go to jail for non-payment of ordinary credit obligations.
That said, if you stop paying the bills, you'll wind up in a very unpleasant place. They'll start dunning you for payment. They'll eventually sue and garnish your wages or take anything of value that you own. Your credit score will fall into the bottom of the toilet. Then when you NEED credit for an emergency (think blown car engine) then you'll be screwed.
2006-06-25 08:34:09 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
boy do I know what you mean. sometimes I feel like not paying my bills to have money just to spend anyway I want. I never heard anyone going to jail for not paying the credit card payments. they just put it on your credit. if you bounce a check and don't pay the check you can go to jail for the bounced check.
2006-06-25 08:34:41 · answer #3 · answered by lover of Jehovah and Jesus 7 · 0⤊ 0⤋
Don't believe all that 7 year crap. it's 10 years and the 10 year period starts the date the credit card company declares your account un collectible, that may be 5 or more years after you stopped making payments!
2006-06-25 08:37:03 · answer #4 · answered by Pobept 6 · 0⤊ 0⤋
Then stop using your credit card.
If you stop payments, you are going to ruin your credit score. Not only will that inhibit your ability to buy a house or a car, it could inhibit your ability to get a job. Many companies now check credit scores as part of their background checks.
2006-06-25 08:32:15 · answer #5 · answered by jamie5987 4 · 0⤊ 0⤋
Pobept needs to study the Fair Credit Reporting Act.
Dude, it's 7 years....and it starts from the day you became delinquent.
Sorry for your ignorance.
2006-06-25 17:07:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no but u can get a bad credit and when u r ready to get something big like a car u wont be able to because of ur credit history.
2006-06-25 08:32:25 · answer #7 · answered by avery s 3 · 0⤊ 0⤋
You can only go to jail for money owed to the government. It's in the constitution.
2006-06-25 08:33:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Nobody goes to jail for debts, but where's your car parked? They can certainly jack your car and sell it for unpaid debts.
2016-03-27 04:01:20 · answer #9 · answered by ? 4 · 0⤊ 0⤋
let them send you bills for 7 years, don't even open them, throw them in the trash, after 7 years its off your credit history.
2006-06-25 08:32:20 · answer #10 · answered by Anonymous · 0⤊ 0⤋