If someone have unpaid debt of $50000 in credit card/personal loan.?

Question

If someone have debt of $50000 in credit cards/personal loan and he can't able to not pay then what can happen to him?

Answer 1

Credit score is pretty much shot, no chance of anymore loans or credit cards. And unless you can come up with the cash to pay it all, you're most likely doing to have to file bankruptcy. And start screening your calls too, it's them coming after their money.

Answer 2

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Answer 3

Whoa there, pilgrim; hold your horses!!! If you continue this way, your fragile subsistence economy will definitely implode. An item of interest is that you are thinking of recruiting an outside debt-management company to help you with this credit card debt . . . I actually did that myself to help with this Merchants' Credit Guide collection agency which had been commissioned by the Everest Institute to recover an outstanding accounts receivable balance right when I was being held responsible for three student loans that had a combined value of $4.35K. Back in September 2008, I got a $500 windfall to finally pay off Merchants' Credit Guide after several months of paying $58/month. You should seriously consider loan consolidation as well. I had Wells Fargo buy my student loans away from Sallie Mae (a company that I hope you did not borrow money from because they are ridiculous with their view of the Federal Family Education Loan Program rules) and I am making headway in getting out of debt. IMPORTANT DISCLAIMER -- these counter-measures are useless if you are just going to keep spending money you do not have, so abandon that practice!!! It is not how much revenue you have coming in; it is how that revenue is allocated that decides whether you sink/swim. You can do it. Good luck!!!

Answer 4

If a person's debt is more than what they get paid in six months, it's probably time to look into filing for bankruptcy. However, you/he can try with a credit counseling agency first to see if there's anything they can do to renegotiate your/his loans. Then, that person needs to figure out what to do differently so this doesn't happen again.

Answer 5

It's probably time to look into filing for bankruptcy.
Bankruptcy is process adopted by federal court process catering to individuals and businesses repay their debts or clear their debts under the protection of bankruptcy court. Also known as "reorganizations " or "liquidations", bankruptcy is often the last recourse to get out of any debt.

When the property of the debtor is sold to recover and pay off the debt it is called Chapter 7 bankruptcy. Contrary to popular belief, all the property owned by a debtor is not sold, some part of it is left with him to allow him to start afresh. Read more from: http://www.credit-card-gallery.com/credit_card_bankruptcy.html

Answer 6

If you go bankrupt, file your bankruptcy under Chapter 13. Chapter 13 permits an US resident to reorganize and restructure their finances. It allows you start afresh and get your finances back on the track. The bankruptcy court will supervise and authorize the entire process of overhauling your financial situation.

While filing for bankruptcy under Chapter 13, you have to draw up a plan of action meant to pay your dues within the next 3 to 5 years and submit to the bankruptcy court. You should clear your dues as much as possible at frequent intervals. Filing under Chapter 13 will protect you against the undue pressure exerted on you by your lenders to pay your debts.

Answer 7

you will get calls from collectors also they will bug you till you pay and all that money will go to collection