If I simply do not pay?
Date: Wed, 09/10/2008 - 11:41
I was wondering what might happen to someone who ownes nothing of value, is not employed, and lives off of a non-garnishing, and non-attachable income such as a service connected disabillity and/or social security and simply ignores all debt collection letters and court summons's on a 5000 dollar credit card debt which they do, in fact owe?
Ignoring the summons will end in a default judgement. Depending
Ignoring the summons will end in a default judgement. Depending on what state you live in, it could haunt you up to 20 years. The whole time accruing interest at the stautory rate. The judgement creditor may have a hard time collecting but is your sitaution permanent? Any chance of an inheritance, lump sum settlement, winning the lottery, etc....? Their hope would be that eventually your life situation will change and tehn they can collect. Add interest, and you could be talking about a WHOLE lot of cash.
