In Debt And Unemployed, Need Advice!

I don't think so...but there's not stopping the creditors from suing you. I agree with what everybody's said, inform your creditors of your situation and if for some reason, you didn't reach an agreement with them, and to answer your question if it's possible to do nothing--as much nobody really should employ that tactic..and just for discussion's sake--it is possible to do nothing. Have the statute of limitations expire on your debt. Collection agencies would haunt you though and it would hurt your credit report.

There is a term for consumers who are proven to not have the capability pay: Insolvent.

Here's an interesting story for you: There was a time in the United Kingdom were insolvent debtors were arrested and locked up in local prisons and, once inside of those, they could spend the rest of their lives in those, just for not having the ability whatsoever to pay. It was only in 1869 that imprisonment for debt stopped, except in cases of fraud or refusal to pay.

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Hey Gavin

some banks offer low-interest loans like Bank of America. that can really help you out a lot. u can borrow up to 25k and you don't have to pay for it right away

Getting a loan to pay off another loan isn't really a very good idea. It doesn't get to the bottom of the matter after all--and besides, it may potentially put you in even greater risk of falling behind on your payments, given that you have too much debt.

The Bank of America offer does seem enticing, but like most creditors, the interest rate that they may give you--should the loan would be approved--would be as high as 25.94%. Plus it's a variable-rate loan, which means that the interest rate varies monthly. So there isn't really a fixed amount that is required of you each month.

Besides you need a steady source of income in order to avail for this.

If the consumer is in debt and unemployed - he/she needs to learn how to prioritize. Some consumers though unemployed still get some money (could be back pay, could be unemployment benefits, could be commission earnings, alimony, child support, etc.) and that money should be applied first to payment of debt, I think.