Credit cards are unsecured debt, so what can they do if someone simply stops paying them instead of going through bankruptcy?
2006-12-22 06:27:15 · 8 answers · asked by Alexander K 3 in Business & Finance ➔ Credit
Have fun in jail :)
2006-12-22 07:14:34 · answer #1 · answered by BJ 2 · 0⤊ 0⤋
OH MY GAWSH!!! DO NOT LISTEN TO HIM! What he is doing is trying to get you to not pay your bills so that in 4 months or so he would hope you return to him to file a chapter 7 bankruptcy. DON'T STOP PAYING!!! YOU WILL RUIN YOUR CREDIT! If you can, just pay the minimum payment on the ones you can. Then call the other cards and strike a payment plan deal with them. They will be more accecpting to get their money this way then not getting it at all. I am a licensed mortgage broker in Ohio and I see this ALL the time. Lawyers want you to default to a poin that you are forced to file a bankruptcy. If you do not own a house, then a chapter 7 bankruptcy is an option. This irradicates ALL of your debt, whiping your slate clean. It takes awhile to rebuild your credit, but it gets rid of EVERYTHING. If you do own a home, a chapter 13 bankruptcy may be ideal for you, again - ONLY IF YOU FEEL THAT BANKRUPTCY IS AN OPTION. I never advise my clients to stop paying their bill. What a bunch of bull.
2016-05-23 16:16:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Some of them will send your debts to collection agencies, and some might sue you in court
Once they sue you, they can remove money from your bank accounts, garnish your working wages, or seize assets. You don't want to come to that point. Pay the debts or make arrangements to settle for less than the amounts owed. If you can't do that, then declare chapter 7 bankrupcty if you have small income, or chapter 13 if you make a lot, and get it over with.
2006-12-22 06:28:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
First they will completely ruin any credit you might have left. They will add huge fees and penalties. You can thank Dubya for making the next part very easy (which used to be quite hard) for them... Next, they will haul you into court and obtain a judgement against you. With the judgement, they can literally take money out of your bank accounts, and force your employer to pay part of your wages directly to them. And on top of all that, they will add on HUGE legal fees, which you also have to pay. Pay 'em or file for bankruptcy or you risk a living hell through the courts and collection agencies. It's your call.
2006-12-22 06:37:20 · answer #4 · answered by rowlfe 7 · 0⤊ 0⤋
u will be charged late fees every month..then over the limit fee every month (when it hits that point)..your interest will then shoot sky high because it's in dafault... they will call you daily, send you nasty letters, and eventaully take you to court..garnish wages, get your income taxes, etc.. It's much cheaper to file bankruptcy..either way, it's going to ruin your credit but better to ruin your credit and NOT have to pay than ruin it and still have to pay what will then be more than twice what you owed to begin with...
2006-12-22 15:54:40 · answer #5 · answered by chilover 7 · 0⤊ 0⤋
Courts, attorneys, judges, and lawsuits!!
2006-12-22 06:29:21 · answer #6 · answered by SHERINA 2 · 0⤊ 0⤋
garnish your wages, trust me it's happend to me.
2006-12-22 06:36:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
good luck with that.... they are going to sue you anyway, maybe ♥
2006-12-22 06:29:02 · answer #8 · answered by Anonymous · 0⤊ 0⤋