What happens if I can't my credit card debts in California?

Question

So, here's the deal:

I have credit card debts of about $200k in total from about 5 different cards (unsecured, non-joint) . I cannot pay this as my business is doing horrible due to an effing big market showing up not too far from my market. I own a house with my wife. My wife runs her business (doing bad as well). Both of our names are on both of the businesses. I'm considering moving all of the assets to my children's names (21+) and not paying a penny to the credit card companies.

What will happen? What can the credit card companies do? If they do sue me and they win judgements against me, and I don't pay the judgements, what will happen? Can I go to jail? Can they repo stuff? If they can repo stuff, what can they repo? Someone please give me some correct knowledge!!!

P.S. I really don't want to file bankruptcy, but will do if it'll eliminate debts (no repaying). I can also live fine with having horrible credit for 7 years.

Answer 1

Sadly, at your point, I'd just file bankrupcy. Or sell your businesses and see were that gets you, then file.

Answer 2

You cannot go to jail...there are no debtor's prisons in the USA (yet).  If you qualify to file for Chapter 7, the version the discharges most credit card debt, you should  probably file.  ...See link below for info on this.

Your situation is serious enough that you need expert advise asap...Most BK attorneys offer free consultations where they can answer specific questions. Don't rely on any answer here as sometimes the answer might be wrong...and due to your situation you can't afford bad advise....good luck

Answer 3

I would suggest finding a low interest loan (Try http://www.ineedrates.com ) and pay off this high interest balance as soon as possible