No job, no income: when do I stop paying CC debt?

[WannaliveinGreenville]

Originally Posted by darstar

And who are you to determine that ? If you have nothing , yes BK can clean out all the debt, but , most people are not in that mode. It IS possible that a BK attorney would recommend you do not take BK , and , drag it out. I have seen both ways to go, again depends, everyones different. One thing I do know , is getting futher in debt by hiring a "consolidation firm", is the wrong way to go. Fight your own battles, get as much advice as you can, and make your choices.

Because its not relevant. You either become legally removed from the debt or understand that those creditors are going to persue you in wage garnishments , judgements , bank liens on your account. Few creditors will just * forget your debt * They will send it into collections and you will be harassed and likely be sued by your creditor.

[darstar]

Originally Posted by WannaliveinGreenville

Because its not relevant. You either become legally removed from the debt or understand that those creditors are going to persue you in wage garnishments , judgements , bank liens on your account. Few creditors will just * forget your debt * They will send it into collections and you will be harassed and likely be sued by your creditor.

First off , anyone can negoiate directly with the credit card company for 50 cents on the dollar, however , you must have the cash to pay off that new amount all at once. Thats " forgeting the debt". Even if they sell the debt to a collection firm, deals still can be made. These companies buy your debt for cents on the dollar and hope they can make a profit. The credit card company has already written off the debt on their taxes, yet the new company can try to collect the full amount. Most of the time they enter into payment plans with the card holder, and the debt, with interest , goes on for many years. A high per centage of people in this fix , wind up defaulting several times on the " payment plans" anyway. There is a time limit, depending on states and on the filings, as to when the debt can no longer be collected legaly.