Just Not Pay Credit Cards Over Filing Bankruptcy... Does That Actually Work?
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I just read an article on Yahoo where a guy had $12,000 in credit card debt, and just quit paying them. Eventually, after seven years the credit card company wrote it off. Does this really happen? I'm on the virge of having to file for bankruptcy myself because of my credit card debt, but would rather go this route, if possible. Either way it hurts your credit rating in the long run, so I know that I would be facing that. My main concern is if I file for bankruptcy then I will not be able to get a government job, because they look into that for security reasons. Plus I would save money from having to use a Bankruptcy lawyer. If anyone knows if this is an option over filing bankruptcy, please let me know. Thanks!
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Answer:
The trouble with not paying your cards vs. bankruptcy is that the credit card companies retain legal options and some of them actually do use the option (judgment then wage garnishment). Also, not paying does not de-obligate you, but just provides a time frame for removal from credit report and the statute of limitations on going to court. You also have to be more diligent as some debt collectors will try to re-age the account, which means you have to fight to get the debt removed from your report even if the debt is over 7 years old. A bankruptcy clears the decks, so to speak, and may allow you to start rebuilding your credit in as little as two or three years. BTW, those security reasons apply to non-paid debts also.
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Other answers
Please be real when you ignore the electric bill does your power stay on? If this was actually a legitamite option then everyone in the whole world would be doing it. This will show on a credit report which will also affect you getting a government job. I'm sorry but you got yourself in this and you have to be adult enough to get yourself out.
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