The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: I'm Drowning...advice on refinancing mortgag Date:  8/2/2010  10:59 AM
Author:  vkg Number:  298733 of 312722

Hi everyone,

I live in Florida.

I find it very scary to just quit paying on all this debt.

In some cases, just stop paying on debt can work or it can create a lifetime mess. Even after the statue of limitations, credit applications can contain clauses that reactivate debt. It will require staying on top of the situation. Depending on your state, it may mean living without a bank account.

Social Security is suppose to protected from judgements. The requirement that Social Security payments be direct to a bank account has created the situation where as soon as the funds are deposited, they are vunerable.

Where there are ongoing expenses, such as with a seriouly ill family member, it is best to delay bankruptcy until the situation is resolved.
This isn't your situation.

It maybe possible to just walk away. Declaring bankruptcy will be less stressful.
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us