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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I owe $150,000 in loans and credit cards. I cant pay ...

Resolved Question:

I owe $150,000 in loans and credit cards. I can''t pay the minimum anymore, what would happen if I stop paying?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,

Thank you for your question. I am happy to assist you.

Unfortunately if you stop paying your debts, your creditors may file suit against you to collect the amount owing to them. Once their debt is reduced to judgment, the creditors can typically execute their judgment against your assets and wages.

I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER

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