My wife and I have about 75K in credit card debt,

My wife and I have about 75K in credit card debt, a substantial portion of which was accrued because of my wife's cancer. I make too much money to declare bankruptcy. At the rate we are paying it off, we will be 99yrs old before it's done. I don't have property or savings for a consolidation loan and no extra cash for a debt settlement. I am 65 and used all extra $ to handle my wife's illness expenses. I am self employed. What would happen if I just stop paying altogether or pay a minimal amount monthly? At present I have good and long-standing credit. Need some Help!!!

3 Answers

You'll not be sued if you go on making minimum monthly payments. But it will take a long period of time to get out of debt. Have you explained your situation to your creditors? They can help you to resolve the matter. 



Have you actually talked to a bankrtupcty attorney and looked at chapter 13?  You might make too much for chapter 7 but 13 would be an option.

 

If you stop paying it, you will probably get sued.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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