Non Payment on credit cards?

Non payment on credit cards consequences????

I just found out that my dad payed for mine and my brothers tuition fee by charging them to his credit card and incurred circa $250,000 worth of debt through various credit cards that he%26#039;s not going to be able to pay considering that his business is only source of income (personal business) is in jeopardy.

Credit card companies constantly send out notices via mail, since they cant reach us because everyone in our household changed their cell phone numbers.

Are there any LEGAL consequences that he can face such as jail time or repossessing his vehicles or house???

he stopped paying his credit cards of August 06 ... and as of Jan 07 they%26#039;ve been sending us court papers .... we%26#039;ve learned to recyle them because they just add up.

Non Payment on credit cards?

If the credit companies decide to pursue this to a court of law, they can (and probably will) win a judgement against your father. They may even be able to garnish his wages (or business profits).

If they win a judgement, the proceeds from anything your father sells will be sent to the credit card companies. I believe this includes his house, cars, and possibly his business.

Non Payment on credit cards?

hmmmmyou arew donerign if there are any legal ramifications, yet you are receiving court papers in the mail? Sounds like you already ahve legal consequences.

What you will probably find out is that his home has a lein on it (if he owns it) and as soonas he might sell it, the money will go to thowse lein holders. So, basically, unless he does something (like get a lawyer and figure out what to do), they weill eventually go after everything...home, vehicles, anything of value, including his business assets. Better use care.

Non Payment on credit cards?

im not positive, but there are enough consequences for not paying your monthly payment on your credit card as it is. It will ruin his credit, so he will be screwd for future purchases. And after a while, this entire thing will be sent to collections. If they can%26#039;t find you, then they wont be able to collect the money owed. But he will probably never be able to buy anything in his name again, or co sign for his kids. He will have to use cash, and if he has his own business, the IRS can find him anytime. Its not a good idea. it probably wasn%26#039;t the best choice, paying something is better then nothing, and he should of responded before they took the case to court. maybe something could have been worked out.