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<<You think they can't sue you? How about if they put you in involuntary bankruptcy and put a lien on your future income?

Now I'm starting to sound judgmental, sorry. But you asked for feed back on the walk away idea, and then claimed moral reasons for not wanting to do the bankruptcy thing.


Hey, there! We usually mostly get along, but I'm bristling a bit here. I know you're not talking to me, but I feel like this is aimed at me.

I did this. I didn't pay for three years. My debt was under $5000, which did not seem enough for me to declare BK, but after rent, daycare, food, basic transportation costs I had NOTHING left to send to the debt.

I choose to not declare BK and wait until I was on my feet. Now, about 18 months after starting a repayment plan, things are getting better. I've aquired (sub-prime) new credit - which is all reported as "pays as agreed" - I've paid off two collection/charge-off accounts, and I have the others on my repayment plan. So far, I haven't settled anything, but I'm considering settling on one debt. My FICO is improving every month.

If I had declared BK, I'd be looking at another 5 years of struggling. I'm not PROUD of what I did, but I'm glad I did it this way.


I agree. You aren't doing anything illegal or immoral if you don't pay because you can't afford it. The companies retain their options ---they can sue you if they wish. Their interest and minimum payment options continue to accrue. If you don't file for bankruptcy and eventually get back on your feet, you know they are going to be there with their hand out. The fact that their options are limited is the nature of unsecured debt. If you are willing to live with the risks and penalties, you are entitled to do so if you wish.

Seattle Pioneer
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