Due to income loss and a bad house flip, I have 50,000 in personal loans and 25,000 in credit card dept, unsecured
what if I just stop paying the bill?
trouble will find you every which way you turn once your credit is bad.. bill collectors will try and call you all the time and your family too.. your car insurance will go way up and you won’t be able 2 have a bank account, the collectors will dip into it.. and it doesn’t have 2 be your money, it could be anybodies along with that account showing your name too.. everywhere you go they will check on your credit.. even trying 2 rent.. like a ghost it will haunt you 4 the next 7 to 10 yrs.. if you have a house 2 sell, try craigs list.. it’s free i think.. and remember 1% of something is better then 100% of nothing.. bummer eh ~
Well, your credit rating will get very bad, very fast. Your creditors will be phoning you and hassling you for payments. Not much more than that will happen for a year or so, when they will start to come after your assets through the legal system.
You will have to declare yourself bankrupt