What Happens If I Do Nothing About My Debt?

: Reese Baker & Associates

  Filed under: Debt

ignoreAnyone that is in debt usually reaches some level of frustration about being in this financial situation. It is unpleasant and not a problem that is easily solved. Some contemplate going bankrupt so they can get a fresh financial start. Others get to the point where they basically adopt the attitude that you can’t get blood out of a stone, and decide to do nothing.

Don’t Ignore Debt

What will happen in cases like this will depend on a lot of different factors. It will depend on what the debt is, who are the creditors, and what have you got that you could potentially lose. If you have a car and it is a secured debt which usually is the vehicle itself, then it may get repossessed. If you own your home and aren’t meeting your mortgage commitments then you could end up facing foreclosure.

If you are a person that is basically living a simple life with minimal income and no assets then most likely many of your debtors will not gain much by suing you, because you have nothing of value for them to take. They are not allowed to take your basic clothing, personal effects, or basic furnishings. They cannot garnishee your social security income, or your unemployment benefits or assistance payments. If your future appears as though it is going to remain the same then going for a bankruptcy may not be worth it. You should discuss your options with a College Station bankruptcy attorney however, to make sure you are on the right track.