What can happen if i dont pay my debt?
Date: Tue, 11/29/2005 - 21:24
SSHIt will not be a wise decision to avoid paying your past
SSH
It will not be a wise decision to avoid paying your past debt. If you have a debt, it is your legal responsibility to pay it.
Moreover, the creditors will have the legal rights to take actions against you. If you don't pay off debt after regular calls from the creditors, a judgment will be entered in your name and either your wages will be garnished or your property will be sold.
Your debt might also be sold to some collection agency and they will get a chance to harass you in every possible way.
All these actions will continue till the 7 years as this is the legal reporting time in your credit report as per the FCRA laws. By this time, you will have to go through many unwanted situations if the debt is not paid. Needless to say, you might have done a complete damage to your credit file. And, you will have tough times in acquiring new credit.
Pay your debt if you owe it. You will live life with dignity.
In most cases you can, but you should really talk to a lawyer ab
In most cases you can, but you should really talk to a lawyer about it. Some debts - like child support arrears and tax liens - are difficult, even impossible, to discharge in bankruptcy. Also, a creditor can oppose a disharge if it can prove intentional fraud. (Don't worry too much over this one. Most collectors will claim you committed fraud, but the legal standard is VERY high.) Finally, the changes they made to bankruptcy code last year made it harder to completely discharge debt. Now they make you go to credit counselling and look at your income to see if you can pay at least something toward the debt over a few years time.
