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In general, not much. Especially if you are not collectible -- e.g., have no large bank account, or do not have lots of titled property/vehicles.
Once you stop paying it usually runs the Civil Court Limitations time -- varies by state, but typically around 4 years, and after that, you cannot be sued. After 7 years it is supposed to be wiped from your credit report. Just do not make another payment or affirm the debt, or the clock can start over.
Don't worry about the bank -- they are still making their money by the remaining folks that are paying 30% interest and the Fed is backing them up with bailouts if that is not enough.
Jail is rare and only with a clueless judge. That scam works like this -- they file in court, and find a friendly (to them) Judge to issue a Contempt of Court citation if you fail to respond. The CoC is the jailable offense. Most judges will not do this, and at most make a ruling in their favor as you have presented no defense.
But if you are not collectible, again it is not likely to go to court, anyway. Not paying bills in the US is not a criminal offense.
If you do nothing, they may take your debt to court to sue for their money.
Now it becomes a judgment...and judgments (as well as any government loans/debt/judgments) are not dischargeable.
Do not charge anything else. You cannot use the cards for 6 months pre-bankruptcy.
Once a judgment is in the system, a lien will follow you and be taken from each paycheck you make.
Start sacrificing now, learn to live with roommates, sell things...live simpler. There is a lesson in this; been there done that and it is a long road back to good credit.
If you are in between living arrangements, you will need to know also that bankruptcy will keep you out of many professional management apt buidlings, too.
What you need to do is go through every debt you have and list that on your bankruptcy papers - don't miss one. Cost to file is around $200-300 and you have to pay that cash - do not use credit cards anymore.
You'll need to take a short online "credit counseling course" which is simple enough - that is the only real significant change in Chapter 7.
Good luck and when you know you are maxing out the cards, that is the time to strip away the unnecessary things and live as austere as possible.
If you want to pay it back and not file, call your creditors and make some serious lifestyle changes.
Get the free cell phone the gov't gives to the unemployed. Live with as many people as you can - it'll cut your costs that much more. Quit spending on anything but the most essential.
Not paying them wont put you in jail. It will mean you wont be getting any more credit cards for a looooooooooooooooog looooooooooooooong time.Your credit is history..It will be cash in hand or do with out my fine feathered friend
Bankruptcy sounds like a good option providing you can do it cheaply.
The big advantages are that it wipes out all the bad debts on your credit record with one line that says "bankruptcy" which makes your credit record look much better than a string of debts and collections, and actually helps you rebuild credit faster.
The other thing it does is stop the harassment from collections.
It depends on where you live (your state). You need to seek professional advice as you will have to file for bankruptcy and there are different routes to take.
Basically, if you own things outright (have a large networth on paper) and you file bankruptcy some of it can be taken away from you. For unsecured debt, you might have an easier time to file than if your financial situation is complicated in that you own "secured" items worth money like a car or property.
You would not go to jail over unsecured debt unless you have done something downright fraudulent. I would go seek counseling or research more online about what to do in the state you reside.
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File Chapter 7
