Lets say i have $50,000 debt on 3 different c/c and i now have no way of paying them back-or better still dont want too- whats the worst that can happen to me
2007-05-28 02:16:17 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
First your attitude of "..better still don't want too" will not win you any sympathy with the creditors or in court if they do decide to sue you. Credit Cards are considered unsecured debt. So no matter how much a creditor would even try they can NOT take your house or any other real property directly.
However, they can take you to court and if they win they can do several things to force you to pay. This includes garnishing your wages(if your state allows it) or attaching your bank account. Now if you don't have a job or any accounts they can find they will place a lien on your house. This will make it impossible for you to sell the house until you settle the judgement against you.
2007-05-28 05:12:59 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
Lets start at the beginning, if you do not pay your credit cards they can take you to court and get a judgment after that they can attach bank account, garnish wages (if your State allows it) and file liens on any property you may own.
If you own your home free and clear, yes they can take it, same with other property. If however you own money on your property all they can do is file liens which means that if you sell it they will be paid from the proceeds of the sale.
Add this to the fact that all of this will show on your credit for 7-years and your credit will be trashed. You really should make some kind of payment arrangement. I would suggest Consumer Credit Counseling Services. They are free and will work with your creditors to lower both your monthly payments and your interest rates. I used them several years ago and was debt free in 36-months. This will avoid all of the adverse actions mentioned above.
2007-05-28 10:39:17 · answer #2 · answered by ? 7 · 0⤊ 0⤋
Credit card companies can take you to small claims court, get a judgement against you and put a lien on your property. When you attempt to sell your property, the money will go to them first. If you don't have enough equity in your home to pay them off, the debt will follow you. Now the Federal Goverment is a different matter: they can physically take your home or any other property away from you for an unpaid tax debt. Oftentimes they will set a payment plan with you and take the money right out of your bank account. If the money is not there on the day they withdraw, the will then take your personal property. Get back on track.
2007-05-28 09:27:11 · answer #3 · answered by cgminime 4 · 1⤊ 0⤋
And what exactly were you thinking when you charged up $50,000.00 on your credit cards ? That you simply wouldn`t pay , and they`d write it off ?
Did you think your "I don`t want to pay you back" would be accepted by them as a valid excuse ?
You're in for a VERY rude awakening Myron ! They can haul your ass into court and get a Lien on not only your house , but everything you own , including your car , bank accounts etc .
Not only that , but if they take things like your car , you may still be liable for what`s left owing on it !
They can get a court order to garnishee your wages directly from your employer . Employers take a very dim view of employees that have this order against them . Many prospective employers ask on their job application if you`ve ever had a garnishee order against you .
You probably can`t get credit for any reason now as it is , but unless you make arrangements with the cc companies to repay them , and follow through on it , you`ll never get credit again from any company or financial institution again ......... for as long as you live .
You`ll have to pay CASH for everything ! House , car , clothes , food , utilities , etc , etc , etc . That`s considering you even have a job because of the garnishee order .
2007-05-28 09:45:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Most likely no. However, they can put a lien against your house so that you won't be able to sell it without them taking any proceeds from the sale to cover the uncollected credit card debt. Also, if you don't repay the debt, your credit score will be harmed to the point that you will find it difficult to get a car loan or any other type of credit for many years.
2007-05-28 11:01:32 · answer #5 · answered by KAW 1 · 0⤊ 0⤋
Credit companies could take you to court, where you'll have to explain your tardiness to a judge. If the judge finds against you, restitution must be made. If you have any liquid assets (even a car), the courts can sell it to get the money, if you and the creditors don't agree on a payback plan.
They won't want your house if you don't have any equity in it. However, if you do, then that's a possibility.
2007-05-28 09:22:14 · answer #6 · answered by Venita Peyton 6 · 0⤊ 0⤋
that's a lot of debt to walk away from. if the creditors sue you and win and have a judgment entered in your name, they could go to court to take away your house. they could also garnish your wages or go after any bank accounts or your car, etc. if this is really your situation, maybe you should declare bankruptcy.
2007-05-28 09:45:37 · answer #7 · answered by njyogibear 7 · 0⤊ 0⤋
Not to put too fine of a point on it-Yes. You owe the money and what ever assets you have can be used to pay it back.
2007-05-28 09:26:33 · answer #8 · answered by al 6 · 0⤊ 0⤋
those credit cards can take you to court so you can tell the judge that you "don't want to.." , and they will put a lein on your house. by the time tht has happened, you have already screwed up your credit...
2007-05-28 09:20:52 · answer #9 · answered by laura s 2 · 0⤊ 0⤋
Yes idiot. You're stealing from them jackass. Pay the ******* cards off or crawl into a hole until they find you. Dumbass.
2007-05-28 09:21:06 · answer #10 · answered by Rob D 2 · 0⤊ 0⤋