just_a_swimmer
I lost my job in 2006 and had some cc debt before I lost my job. Before I became unemployed I was making minimum payments and really was having no problem keeping up but since I was a single mom by the time my son was a sr in high school the debt on the cc's got out of hand then the unthinkable happened I lost my job shortly after he graduated. At that time unemployment was 27 weeks and 27 weeks only and I barely made 1/3 of what I was making when I was working. So basically I got behind and used the cc's to pay bills and just to live for several months. Bad mistake, my payments quickly went higher then I could pay and the interest went up due to being late and in a matter of a month the interest alone had doubled what I owed. It isn't something I am very proud of for sure but I wasn't out buying crap. At any rate I ended up finding a new job making 10K less a year before unemployment ran out and of course my cc debt at that time was way out of hand. Very stressful time for me. I paid my car loan, my mortgage, insurance and utilities and let the CC's go because it is unsecured debt and I just could not make the payments. They can not take your home regardless of how much you owe them. I ended up filing bankruptcy on all the unsecured debt I had. There was no way I was going to lose my home and that was the only way I could pick myself back up and start over. People say it is the last resort and you never recover from a bankruptcy but that is not true. As soon as it was final I started receiving letters from car dealers, credit card companies and all kinds of people trying to loan me money or sell me something with reduced rates cause I had a bankruptcy. I tore everything help and still to this day do not have a cc. Mind you I have not tried to borrow money to buy a house or anything but other then that I have had no problem getting credit to buy something same as cash. It really hasn't hurt me at all and my credit rating is now on the rise after only 3 years. Now mind you I did not have 100k in debt but I did have close to 30K which included a line of credit that was also unsecured. I was able to keep my house, my car and my son's car and of course furniture, clothing and all that kind of stuff. As long as you do not have valuable things they will not take your stuff but it sounds like this guy has valuable stuff that they would take. I will never have a credit card again or take employment for granted.
If they're 100k in credit card debt they should have plenty of assets to sell off.