What are the consequences of not paying a debt?

In Washington, the consequences of not paying a debt can be serious. If your creditor takes legal action against you, the court may enter a judgment against you, meaning you would owe the creditor the amount of money you owe, plus interest and possibly court fees. Your creditor may attempt to collect the debt from you through wage garnishment or property liens. Your creditor also may report the delinquent debt to the three major credit bureaus in the U.S. This will have a negative effect on your credit score and credit history, making it difficult for you to secure loans or other credit in the future. Finally, your creditor may choose to sue you for the debt. If the court awards a judgment in favor of the creditor, you may have to pay the debt, plus interest, attorney’s fees, and court costs. The court may also allow the creditor to garnish your wages or place a lien on your property in order to collect the debt. In short, not paying your debt can have serious consequences. If you are having difficulty paying your debts, it is important to seek advice and assistance from a qualified debt counselor or attorney. Doing so may help you avoid the serious financial and legal consequences of not paying your debt.

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