no assets, no house, no job, Anything to Lose?

[MikeS82]

Hi quick question.

I Have no Real Job, No Income, No Real Assets? Meaning i have no savings account, not enough money in checking to care, the only car i have i am willing to give back or lose or sell.

I Rent a small House.

I Am Considering to just give up Paying all my creditors, Which is about 35k in credit card debt, I Was looking into chapter7 but i dont see a real reason for me to do this?

i am not going to get a real job since i have family buisiness i can work for, so no "Monthly Paycheck"

I Understand that i will get called and sued blah blah blah.

But with nothing for them to gain is they're a reason for me to file?

i heard that either way in 7-10 years you will be clean again?

Am i missing anything here?

Thanks in Advance!!

[JRScott]

Depends largely in the state you reside.

However after getting a judgment they would then do discovery, and you could be found guilty of perjury if you withheld your family business income.

If you have no real assets at the moment and you need time to rebuild yourself, by all means stop paying unsecured creditors. If you stop paying on the car they'll come get it in 2-3 months.

[Lacy]

I think you may be right on the 7 to 10 years or at least so here in TX. A friend told me the other day she had a car repo and it took her 7 years to be able to get another one financed.

So either way you are screwed on your credit whichever you decide to do unfortunately..... Good luck to you though which ever decision you make.

[ready2puke]

I agree your going to be running and not answering calls and living with this for 7 years..If you file it'll be 3 more years but you wont have to live with this and it'll be over for you..For me its a no brainer, but each to his/her own. The stress of living with this would kill me for sure.

[momof5]

Theres an old saying "you can run but you cant hide"

While I have no idea if its possible to hide from creditors for 7 to 10 years and I suppose with the right strategy you probably could. The question is why?
They arent just going to give up. They will call family and they will obtain judgements. What if in a few years you are in a different position in life and decide that you want to buy a home or finance a car? Forget about it with any open collections on your credit report. .
You will be closing doors for many years. Your options will be extremely limited. While I dont advocate Bk. I can say that at least once discharged you are given a fresh start.
I love going to sleep at night and knowing that I dont legally owe anyone even a dime.
I can answer my phone without fear of who is on the other end.

[WorkingItOut]

If you EVER think you will want to get a mortgage or car loan or anything of that nature, don't do this. I had a couple of bad debts from YEARS ago on my credit report when I bought my house a couple of years ago and the mortgage company would not give me a mortgage unless I paid them off at closing. Yes they were past the statute of limitations. It didn't matter. I still had to pay them. If they had been wiped out in a BK, that wouldn't have been a condition.

[jo23171]

I am thinking about doing the same thing. The creditors and debt collectors will not bother you forever, after they sue you they will leave you alone. Down the road you can contact them and try to settle for less or you can just file for BK and it will clean up all those judgments.

[momof5]

I am thinking about doing the same thing. The creditors and debt collectors will not bother you forever, after they sue you they will leave you alone. Down the road you can contact them and try to settle for less or you can just file for BK and it will clean up all those judgments.

Why would they not bother forever? If you call to settle then all you do is verify the debt and it starts all over again.