I was just wondering what happens to a persons debts (bills, bank loans, Mortgage etc etc) they obviously can't pay em if they're in prison, do they get put on hold or something?. I don't know anyone friends or family who have been to prison to ask.
Thanks
2007-08-06 05:45:17 · 15 answers · asked by Anonymous in Business & Finance ➔ Credit
they will just wait for you to get out of prison debt dont dont go away
2007-08-06 05:47:45 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I'm sure that debts don't just get forgiven. I think that when your in prison you get paid for the work you do while there. This isn't a huge wage by any means and it is put into an account for the prisoner. It is designed so when released the prisoner has some money to get started and is not so likely to turn to crime right off. I said all that to say that creditors may have access to some of this money.
2007-08-06 12:50:09 · answer #2 · answered by deniver2003 4 · 0⤊ 0⤋
Mortgages will get foreclosed on, and the rest will eventually be charged off and the person will have a bad credit rating when they get out. The world of credit makes no concessions for being in prison.
2007-08-06 12:48:48 · answer #3 · answered by sortaclarksville 5 · 2⤊ 0⤋
NO, If a family member doesn't pay the debt for the the convict the banks repo everything. 10 years bad credit etc.
2007-08-06 12:49:17 · answer #4 · answered by CHUCK 4 · 0⤊ 0⤋
they house will be foreclosed and the car will be repo'd. the credit card debts / personal loans will be charged off / written off and they will have a poor rating for seven years. if anyone else is a cosigner or joint account holder they will go after that person to try to collect the money . they will probably decide to charge off the debt because they realize they probably won't get the money and would rather take the tax advantage and write off.
2007-08-06 13:04:22 · answer #5 · answered by Mildred S 6 · 0⤊ 0⤋
they still have those debts when they get out of prison .. it was their fault they got put in prison, no bank is going to feel sorry for them and put a hold on something .. they still want their money!
2007-08-06 12:48:54 · answer #6 · answered by Cole Marie' 3 · 0⤊ 0⤋
They come out just as they were when you went in. If the person is going to be in for more than 7 years than they should be gone
2007-08-06 12:53:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
They don't get put on hold, the person still owes them, and will be racking up late fees if the bills aren't paid.
2007-08-06 13:30:41 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
If they are smart they will file a chapter 7. Oh! they are in prison so they aren't that smart.
2007-08-06 12:54:50 · answer #9 · answered by golferwhoworks 7 · 1⤊ 0⤋
The Conservative party pay them all, especially the debts run up by illegal, black, gay, Muslim aliens.
Phone Boris Johnson at the Houses of Parliament...he will confirm this arrangement I assure you.
2007-08-06 12:51:30 · answer #10 · answered by Anonymous · 0⤊ 2⤋