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Posted in Paying Your Bills
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what can creditors do if i have nothing?
think I am at the end of my roll...
I own nothing and have nothing.
I just have plenty debts.
until now I have paid my bills on time.
I have a few high interest loans (these are killing me).
and quite a few CCs...
it wouldn't be so bad if I didn't have these high interest loans.
I am self employed so don't get a paycheck from a company.
what happens if I stop paying these high % loans?
what can they do?
I really mean it; I have nothing for them to take.
want to hear from people that have stopped paying their bills without filing for bankruptcy....
I will keep on paying my bills for now but it is really getting to me.
don't seem to be able to get out of this mess...

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Let's be clear that not paying ones obligations is not a good idea and could haunt you for years.   When you cease paying your bills, you would have creditors contacting you agressively in trying to secure payment for the outstanding debt.   Then, as they pass your debt from collector to collector, each could end up filing items on your credit report and you could see these as valid debts on your report for 7-10 years depending on when they post the data.  They could also take you to court for the debt in which the court would award them the win.   Each court appearance would result in further collections (public records) appearing on your credit report as well.  While you show that you are self-employed, the court could require proof.   A creditor can file with the court to attach your bank account and that of your spouse if you had a joint account.   The creditor can submit the orders to numerous banks in your area to determine where you hold a bank account.  Then, one day, when you go to pay your electric bill, you could find that your bank account had been attached and all funds had been removed.  I would encourage you to seek the advise of an attorney and look at the protection you could be afforded by filing bankruptcy which would hurt you less in the long range.  Your best advice is contact the creditors and work out an arrangement that you both can live with and the affect on your long range credit would not be as damaging with the creditors showing "Paid as agreed".

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i know about bankruptcy and all that...

what can creditors really do if a bank account has a minimum amount of money?

didn't i read once on the net, creditors can only collect a certain amount of money as the court would have to leave me with a minimum to live on?

i understand that not paying my bills is not a way out.

just trying to figure out how much trouble i would get into if it ever happened.

now how long do creditors have to go after me and or harrass me?

7 years, 10 years, my entire life?

i have to be honest ur reply is not much different from what i can gather on the net.

this is why i'd like to hear from people that stopped paying their bills...

i also was talking about my high interest loans, not my credit cards.

these loans have been acquired with no collateral and no credit check...

they don't even appear on my credit report for whatever reason.

i read that some of these loans are not ever legal in some states.

anyway my situation is not desperate as of today...

so i will keep on paying my bills...

but would like to hear from people that actually went through the worst case scenario (a real life experience).

not interested in the "law book" scenario...

i mean thanks for ur help anyway but again i have pretty much read everything u said on the net...

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