I have owed some creditors for a lil while now, and just the other day i got papers to go to court about it. I was wondering what are the punishment for being to broke to pay someone back in this crapy economy? I cant even get a job at hardeez???
If the creditor wins judgment against you, then they can obtain a writ of garnishment and your wages can be garnished up to 25% if your state laws allow. If you are unemployed, they will wait until you are employed.
Since you are unemployed they will try to collect by attaching and levying any bank accounts you have and place liens on any personal property.
A judgment will be entered on your credit credit, and it will remain for 7 years (longer if your state has legislation that allows it to be reported longer) and in some states they are renewable up to 20 years, depending on your state laws.
You admit you owe the debt. They will win in court. They will place liens on any property or bank accounts you have and garnish your wages when you do find a job. Smoke up.
You simply got a job? Give me a break...