Question:

If i owe the bank and the credit card company a lot of money, am i gonna be in jail?

by Guest64855 | earlier

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No, but you will be in serious money (and credit trouble) People seem to think it's easy to go bankrupt, but it's neither free nor pleasant. Best have a clear conscience and a "clean" savings account.
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No, debtors prison was ruled unconstitutional in the 1800's by the U.S. Supreme court.

However

You could go to jail for contempt of court, failure to appear when subpoened to do so etc. etc.
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No. The worst that can happen is that they can sue you, and a court could order a garnishment of your wages. Most likely, if the bank and/or credit card company decide that the debt is uncollectable, they will simply charge it off.
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bank? jail? YES!

Credit card company? jail? NO!
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Well, this is what happens is your credit does down and you end up in debt. You start getting those annoying phone calls and lots of letters about going to court and companies and private loaners suing you.
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i wouldn't worry about it that much it all depends on how much you owe and weather or not you can pay it in a blank amount of time

so try not to spend to much money and only buy things you really need.
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No, the only debts you can be sent to prison for are refusing to pay council tax, fraudulently taking money - being on benefits whilst working etc or not paying your taxes. Basically goverment based debts. Other debts like credit cards or loans will go as far as an appearance in court but all that will happen will be that the judge orders you to pay a certain amount to these comapnies, it will be an amount based on your income after bills etc. It will seriously effect your credit report but other then that they can't really do much. The bank or company will pass the debt onto a debt collection agency, these people are evil, rude and will harrass you for years but not a great threat to your freedom.
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