i have collections accounts and have other that will soon go to collection. I don't have any income and I now live with my son who takes care of me. I do not want to file for bankruptcy since I don't need to re-establish my credit. My son will now fully take care of me. I have no property or any assets. What is the worst that can happen to me if I decide not to clear any of my collection accounts? Since I have nothing, what can they do? PLEASE HELP!!!!
Need debt help!!!!! if they sue me or have judgments against me, what does that mean? will i have to go to court? i have nothing they can take. what will happen then?
If you have no money and no real need for credit, why not file Bankruptcy? That's sort of the situation it was designed for.
The choice of what action, if any, is worth taking, depends on not only what your position is now, but where you will be, or want to be, in 2, 5, and 10 years. If the answer to that is the same as where you are now, then I guess it doesn't matter.
Very simply, if you can live the rest of your life without credit, then file bankruptcy. You do have the option of "doing nothing", and you're correct, there is nothing to take from you. But, for th sake of your son, any judgements would follow you to your death, and your "estate" would be liable for them. I don't think you want to burden your son with this. So, for the sake of your son, file bankruptcy to put an end to this issue. If your son will take care of your living needs, then you have no future need for credit, and what is on your credit report is irrelevant.
