My husband left us ( 2 kids) and ran up $45k on my credit card.I am primary on the card and he was an authorized user. Collectors are calling me and offered to settle the debt for $15k. I am unemployed and cannot afford to pay any of it. The house we live in is in my husbands name and so is the car we drive. He is paying those bills. What will happen if I do not pay the credit card bill?
2007-09-15 03:22:00 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Pay what you can if not bankruptcy may be an option. You can discuss that option with an attorney. Don't waist your money on credit repair companies. They can not repair items which are true. The only thing that can be changed is an error and you can do that yourself with a letter.
2007-09-15 03:35:13 · answer #1 · answered by bushmaster19772002 2 · 0⤊ 0⤋
Your FICO dumps to levels that will keep you from getting anything else you need on credit or a loan .
Unfortunately , many regular employers check credit so as soon as you go to apply for work ,
You may find the report interfering with getting a job .
You did not say how old the kids are but if they are in school ,
Get a restaurant job NOW and start earning tips and save all your $$$$ for survival because the credit card train is about to crash and you will have nothing to live on .
>
2007-09-15 03:32:49 · answer #2 · answered by kate 7 · 0⤊ 0⤋
Opt for chapter 7 bankruptcy: Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned.
2007-09-15 16:56:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on the state. But they cant take your house. Your credit goes into the dumper..actually already is. You dont have teh money. Isnt really much they can do except threaten but ask a local lawyer or credit assitance company to make sure.
2007-09-15 03:29:48 · answer #4 · answered by Bob D 6 · 0⤊ 0⤋
take it like 30k you stole from them
2007-09-15 14:51:07 · answer #5 · answered by larry j 1 · 0⤊ 0⤋