bankruptcy debts
What’s the difference between filing for bankruptcy and just leaving all your debts go to default?
I am now more than 90 days behind on all my bills due to a terrible business decision. I’m at a point in my life where I just don’t give a ****. From what I’ve been told, defaulted credited cards are removed from your records after 7 years…like a bankruptcy. If that’s the case…what’s the point of going thru the hassles of filing for a bankruptcy???
The difference between filing for bankruptcy and just doing nothing is best understood by first understanding what bankruptcy is. Upon filing Chapter 7 bankruptcy (which is likely the most relevant in your situation), the court takes legal control of your assets/debts and you are immediately protected from further creditor action. The trustee of the bankruptcy court then liquidates your non-exempt assets and distributes the earnings to your creditors. Once this occurs the court discharges your debts, legally returns to you your exempt assets and you are debt-free (with the exception of back taxes, government student loans, and a few other exceptions). Whether you are a candidate for Chapter 7 bankruptcy is best determined by consulting an attorney.
Now as to what would happen if you just stopped paying and didn’t do anything further. Your creditors would continue to seek to collect the debt from you. At some point, they would determine the debt “uncollectable” and would right that debt off (which does NOT relieve you of the legal responsibility to pay). They would then sell your debt off to a professional debt collector whose sole business is to get money from you. They will call you often, maybe come visit you in person at your house, call relatives, and probably sue you to collect the debt. If they sue you and win, they will have the right to garnish your wages and bank accounts.
Dealing With Debt: Debt Settlement
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