2006-07-24 12:47:16 · 8 answers · asked by Derrick G 2 in Business & Finance ➔ Credit
you can go to jail if you don't pay your debt, they can take you to court, and jail you for fraud. The just use loophole, they won't say oh we are going to jail you because of your debt. They will say, you have commited fraud. But usually , the judge will take it out of you paycheck, if you work. Or you can file bankrupty, and you just pay 20percent of it. It really depends on the debt. and how big it is. Don't ignore your debt.
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2006-07-24 14:49:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most likely no, you wouldnt go to jail unless it was a pretty extreme circumstance, but there are some things to think about. It can hang over your head for years. It may not seem like much but anytime you go for something big you most likely will get denied or will have to pay alot more for the same item than someone with better credit. Also bad credit can affect you getting a job or renting a place. Its not worth it because to fix it you will end up paying the original amount plus more. In the end creditors almost always get thier money so might as well take the easy way out.
2006-07-24 12:55:28 · answer #2 · answered by Gazoo 2 · 0⤊ 0⤋
Theoretically, there is no such thing as debtor's prison anymore. However, if the creditor sues you (and that is a very big possibility), and you do not adhere to the court ruling, you can be jailed for contempt of court.
Ignoring a debt is a bad prospect too. You're credit report gets damaged everytime you miss a payment, and if the creditor writes off the debt, that stays with you for approximately 7 years.
2006-07-24 12:52:24 · answer #3 · answered by Bill K Atheist Goodfella 6 · 0⤊ 0⤋
There used to be debtors prisons for people who didn't pay their debts, but they don't exist now. Now the punishment for not paying what you owe is having a bad credit rating. This seems much better because those doing the lending have the responsibility to check it out first. If someone borrowed from you and then refused to pay you back, then at least you have learned a good lesson!
Next time be more careful.
2006-07-24 13:00:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That sounds like a line a collector said to you. Is that true?
No, you will not go to jail for not paying your debts. It can make your life miserable though. The collectors will call and hassle you. They could sue you and garnish your wages.
Scott...
2006-07-24 14:12:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes it is true, you don't go to jail for not paying debts.
2006-07-24 12:53:43 · answer #6 · answered by Janice 10 7 · 0⤊ 0⤋
debt consolidation
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-07-25 22:13:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes
2006-07-24 12:51:55 · answer #8 · answered by Anry 7 · 0⤊ 0⤋