2007-01-22 08:36:41 · 5 answers · asked by Tiffany K 1 in Business & Finance ➔ Credit
Only if you hide the assets (if any where used to obtain the loan(, or if you obtained it by fraud. Mostly, your check is garnished (up to 49%) And your credit is trashed.
2007-01-22 08:45:29 · answer #1 · answered by Common Sense 5 · 0⤊ 0⤋
Prior to the magna carta in England, a debtor could be sent to prison for his debts. You've probably heard the term "debtor's prison." One of the grievances addressed by the populaced when they compelled their governing royalty to sign the magna carta was this very concept. Post magna-carta there is no jail for debt in England. American law derived from English common law (there are some exceptions, such as the code basis of Louisiana's laws). As such, debt--no matter how great--cannot alone be the basis of imprisonment. Of course, if one committed fraud or some other crime as part of the financial transaction it could lead to jail time.
2007-01-22 08:47:42 · answer #2 · answered by mugwumper 2 · 0⤊ 0⤋
No.
Well, actually, not in the past century, in this country.
There use to be, in Europe, debtors prisons, but that is now pretty much outlawed.
Any creditor or collector that threatens you with jail is breaking the law.
2007-01-22 08:46:14 · answer #3 · answered by Robert S 3 · 0⤊ 0⤋
No, debt is a civil matter not criminal.
2007-01-22 09:21:56 · answer #4 · answered by Sweet T 3 · 0⤊ 0⤋
not that I know off
2007-01-22 09:02:30 · answer #5 · answered by louisem28 4 · 0⤊ 0⤋