I owe money to credit cards which i don't have any thing to pay back because i lost my job ?

Question

so far i sold my wife jewlry to pay for some expense ,the creditor are not gonna wait for me if they sue me will i go to jail for this .

Answer 1

The USA does not allow imprisonment for debt.  Contact the creditors and tell them what your situation is and state you can't pay anything now. This should get your accounts charged off which will be a black mark on your credit but that's the way it is. It sounds like suing you would be a waste of money on their part. You can also tell your creditors not to call you and only deal by mail.

Answer 2

You want to take a breather here: take a look at all the sums you owe, then see if you can pay at least the minimum for each card for a while, until you get back on your feet. In the meantime you want to put these cards through the shredder, and also cut all expenses to a minimum.

Answer 3

You won't go to jail but they will sue (eventually).  They will tell you all sorts of lies to get you to pay.  Make sure you are paying your mortgage, putting food on the table before you give money to the credit card companies.  

Scrap some cash together and tell them that you lost your job and you want to settle the debt.  Give them a 50%-65% of what you owe.  They'll probably say no they want the full amount but keep trying, eventually they'll give (after a year).  If they are willing to settle then ask for it in writing and send them a money order.  Don't give them a check or anything that has your account info on it.

In the end hopefully you learned your lesson - DEBT IS BAD.  If you don't have the money on hand then don't buy it.  Live within your means.

Answer 4

If you are in the USA you won't go to jail for this.  Keep trying to find another job.  The credit card companies will start calling you a lot as you get behind on your payments.  So, the best thing you can do is get another job so you don't get behind or so you can get caught up.  Eventually they will hire a collection agency or charge it off and sell your account to a collection agency and then the collection agency will call you almost non-stop.  Some might take you to court and get a judgement where they can garnish your wages or put a lien on your house if you own a house.  But, as far as I know, no one has gone to jail for owing on their credit cards.