chicka.nuts
|
They will put a lien on the house if it goes that far. his best bet is to call a credit counseling place or file for bankruptcy if his business is already going under.
And yes, they can sue him. |
|
Zombie Killer Cat
 |
Yup. You're talking about 1/4 of a million $$$. He's in deep doo doo unless he makes contact to work out payment. |
|
lucy_shy8000
|
Here's how it works.
The bank asks for it's money nicely.
Then not-so-nicely.
Then it sends it to a creditor.
The creditor threatens, abuses, screams, sends dirty letters, threatens some more.
The creditor passes it on to many more creditiors.
They all gang up, until you're afraid to answer the phone.
They take you to court.
You either pay up, or declare bankruptcy (saying you have NOTHING, no assets etc).
Bankruptcy costs money most people who need to apply for it don't even have.
They repossess whatever you have on lease.
Then they take what you own.
They continue to harass you.
Court again, if you are not bankrupt by now, the lawyers will make you so.
Your credit rating is 0: meaning you can't get a credit card, a loan, or even rent a U-haul.
Yeah, it's pretty ugly. And he's not very wise to get himself into that. My guess is that he figured it would be a better risk to put his own credit/money/life on the line than to have you put yours on the line by taking out a student loan to pay for tuition. It's a 'parent sacrifice' kind of thing.
The best thing you can do, is excel in school, win as many bursaries and scholarships as you can, and get to work right away so that you can afford to help dig him out of this hole. |
|
Joy
 |
every thing you mentioned is a possibility.. they can also garnish his wages, take any thing of value such as furniture house car stocks bonds, etc.. if hes that far into debt the only thing i could think of is declaring bankruptcy... |
|
Mike
 |
he needs to speak with a BANKRUPTCY attorney to straighten this out. Let the attorney negotiate a "settlement" with the creditors that he can live with or he would be forced to consider the bankruptcy alternative |
|
sugarBear
|
All of you need to pay your own bills. Get a job! |
|
Al
|
I think it depend's on what they view as his intent, if he was making payments all along and fell on hard times, they probably will work something out, but he'll still have to pay....on the other hand, If he was running up credit cards with no intentions on paying, and the creditors can prove this in court.....I'd say it dont look promising for dad, sorry.....
creditor's will follow you beyond the grave. |
|
Niinnaa
 |
Think positive maybe u and your brother will get a great job and pay off your own loan. |
|
Anaiyah M
 |
non payment will definatley incur late fees and other fees.
but not jail time.
If he's in trouble with his bills he should call and let them know.
they can freeze payments based on hardships.
Set up smaller more affordable payment schedule. hope this help gl~
Hey I just found this site great info should help as well:
http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/Your5MinuteGuideToManagingDebt.aspx |
|
S.C.
 |
File Bankruptcy. Lots of people can't pay their bills and do the same thing. |
|
Adam C
|
Yes. Failure to pay a credit card company can result such actions. But it will go through court first. As for how much jail time...it depends on the entire situation. A couple of years ago they have changed the bankruptcy laws. So it will be hard for your father to file a chapter 11. |
|
700CreditScore
|
It was very nice of your farther to use his credit to facilitate your education. You do not go to jail for owning credit card companies. However, they can sue and get a judgement against your farther--Meaning he can be exposed to wage garnishment and so forth. |
|
zingbartwo
|
thats a substantial amount of money, and it probably would have been better for him to take out a loan.
i dont think that he can go to jail provided he is making some payments. he will have bad credit, and if he doesnt pay it off in his lifetime, the debt may be passed to you and your brother. |
|
thethingzuneed
|
Not at all my dear, not at all. Nothing to worry about. Credit card companies can't touch you guys. They are p ussies, and also, if they can't get you by phone, eventually they stop trying to find you. |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
