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BK vs. just not paying anymore.
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Posted by Sarah
on November 08, 2001 at 11:45:21:
I am in a bind. Not sure whether to look at BK or just to stop paying on credit cards and see if they'll just charge them off. I can easily manage my secured payments in order to keep my vehicle and home, but I have been paying for years on these credit cards and they just aren't getting paid or going away. I felt bad at first about even the idea of not paying them, but I have paid out so much interest and penalties that they have more than gotten their money from me. I'm in the state of Florida, am married but these are accounts in my name only and were from before we were married. I make enough to pay minimum payments, but they will never get paid off doing this. Is this even an option or will I need to file BK? I have one at $7856, one at $2185, one at $3885, one at $10,616 and one at $2715. I have been told by a friend that the CC companies will probably not come after me for those amounts and either that or a BK will look the same on my credit report and just stopping paying would be less hassle. Is this true? For a little background, I'm not late on any payments and I can afford the minimums but not much more than that and I just feel like I've been working my butt off and getting nowhere. Thanks in advance for any suggestions. Sarah
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