I'm not sure where you are going with this....but here goes.
depending on what state you are in, there is a statues of limitation that creditors can sue you for your debts. you signed a contract, therefore you are trapped.
one of the things that can happen, all the late payments, collections...this will reflect VERY VERY on your credit, which would continue on your record for at least seven years, and by that time, you would be lucky for any company to approve you for even a credit card...we are talking about all the derogatories compiled by $70,000 which will grow to possibly triple that due to fees and increased APR's to the max allowed by the law..within a year, that $70,000 debt might be around $150,000-$200,000.
When this happens, and it will, your credit score will not see the light of 500 until any of these negatives get settled. no bank will touch you. no car loans will touch you, especially in these credit crisis facing this country.
An amount ranging from $70,000-$200,000 is a big sum to the ccc, therefore, I am betting that they will not hesitate to sue you, and I am not even mentioning the harrassing phone calls (at home and at work...they will track you down), and they don't care who knows you have not paid your debts...although there are laws preventing abuse, they really don't get penalized enough for violating them, and you end up the one being embarrassed.
Once one of these ccc sue you, there is a possibility of you losing everything you have (house, car, assets) if you lose the case, which you probably will becasue they have your signature on file when you agreed to the terms and agreements of those credit cards. And issues of how you mishandled the credit and what it was used for MIGHT even arise in court.
Not only do you stand the possibility of losing what you have, but if it is not enough, then tehy can also garnish your wages.. If they win, they can ask for a court order to garnish your wages....imagine having to explain that to your payroll department...actually, the payroll department will just get a court order letter stating that they must garnish your wage....and this letter will follow you wherever you work.
all these public records, collections, late payments, charge offs...will stay on yoru report and as long as they do, your scores will probably not see 500 for quite a while.
you always have the option of paying the credit cards through priorities......
like this...
gather up all your bills....priority necessities first, house, utilities, cars.....any money left over after all "necessary" expenses will be put to pay off teh credit cards....arrange teh credit card bills from highest APR to lowest.....add up the minimum payments for all those.....
if your residual money is enough to pay off all the minimum payments for those cards, starting with the highest APR's first, then do so...if you still have money left over, then apply that to the bill with the highest APR.
if you do not have enough resifual to pay the minimums, then concentrate on the higest APR's and forego the rest...nothing else you can do.
but be honest with yourself. BK laws are designed for people who truly cannot cope with their past mistakes and truly have no means to repay. Trustees always seem to find causes if the system is abused.
