My friend has a terminal illness and needs the money to pay living expenses since he can not work. What happens if you just stop paying the credit card bills completely? He doesn't care about getting bad credit, since he will probably be dead within 2 years. |||His credit card accounts will be closed and he will be hounded until he pays up. Two years is plenty of time to get a court judgment and attach any of his assets for the amount of the bill, plus interest, plus late charges and fees, plus court costs and legal fees.
If he has 2 years to live, anything can happen, even a cure for what ails him. Someone I know has terminal brain tumor of the worst possible kind of cancer. Prognosis at the time of diagnosis was 3 to 6 months. 7 months later, the tumor is disintegrating. New vaccine technique is now in research studies %26amp; he got into the study. It's working.
He does not want to complicate his life with credit card and bill hassles.
BTW, even if he dies, they can go after his estate. Creditors get everything in probate before heirs see a penny. Why do you think the first clause in all Wills must be "I direct all my debts be paid..."???|||You didn't mention what state he lives in, but you and him should probably check the laws in your area to see what methods are allowed to collect judgements.
If he is collecting social security or disability then those benefits cannot be garnished, but if he is depositing the funds in a bank account he needs to keep very clear records of that in case they try to levy or freeze the accounts. I believe it's possible that you can go to the bank and have the account coded to indicate the funds are not garnishable, but that is something I'd have to check into further.
You might also visit CreditBoards.com and look into the asset protection laws in your state. |||Josh C that is false information.
If he stops paying then yes they will call him and they can call him between the hours of 8 am and 9pm. But what your friend needs to do is make the right choice.
Start a thread on www.consumeractiongroup.co.uk and you will get loads of free independent help. There not lawyers but ppl who know the law threw there own experiences and learning about it.
Oh and Josh. Your personal debt can not be passed on to someone else unless you leave a estate that has saleable assets or they are part of a joint agreement like your partner and you.
|||Yes, his telephone will ring from collection agencies. Interest will keep accruing and his total bill will keep getting bigger. Perhaps he can consolidate his debt? Or if in the U.S. contact his state senator's office and ask for direction. Does he have any assets he can sell off to pay off the credit card debt? does he have an anttorney he can discuss bankruptcy options with?
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