No debt, but going into debt.
Date: Sun, 09/26/2010 - 10:33
I live in Ohio.
I have no debt, and own my house outright without a mortgage.
I am wondering, though, if it is possible for me to run up a large credit card debt over the next couple years while keeping my bank account balance very low (under $2000).
The idea is that after a couple years I would then settle the debt for 35% to 50% and effectively have recieved many goods and services for pennies on the dollar.
Would this work, or would the credit card company look at my fully paid house and my good, high paying job and refuse to settle? Can I hide my income from the credit card companies for the purpose of setteling?
Thanks.
I have no debt, and own my house outright without a mortgage.
I am wondering, though, if it is possible for me to run up a large credit card debt over the next couple years while keeping my bank account balance very low (under $2000).
The idea is that after a couple years I would then settle the debt for 35% to 50% and effectively have recieved many goods and services for pennies on the dollar.
Would this work, or would the credit card company look at my fully paid house and my good, high paying job and refuse to settle? Can I hide my income from the credit card companies for the purpose of setteling?
Thanks.
That's called fraud. Not a good idea, not to mention immoral and
That's called fraud. Not a good idea, not to mention immoral and illegal.
yup, what you are planning is purely criminal. Plus you would h
yup, what you are planning is purely criminal. Plus you would have a hard time justifying a settlement with assets and a good paying job.
OK. Buy my wife will be unemployed (laid off) in June. If she
OK. Buy my wife will be unemployed (laid off) in June. If she has here CC debt in her name only and all other assets are in my name than she could probably settler her debt under a hardship program I would imagine. Or will the CC companies look at my status as well just because we are married?
You are still going into debt with intent to defraud. Usually wh
You are still going into debt with intent to defraud. Usually when entering a program they will look at the household income/expenses.