If I owe a party say $5000 and if I cannot pay, I know my credit rating goes bad. Do I have go to ja

If you committed any kind of fraud to obtain the 5000 in the first place then you would be at risk for criminal persecution. Freud is a felony offense. Of course the person/company you took the money from would have to press charges for thsi to occur, and most do not until closer to the SOL to do so.

If I owe a party say $5000 and if I cannot pay, I know my credit rating goes bad. Do I have go to jail on top?

there is no debtors prison

unless you stole 5,000 from their wallet

If I owe a party say $5000 and if I cannot pay, I know my credit rating goes bad. Do I have go to jail on top?

If it is just an ordinary debt, with no criminal wrongdoing like theft or fraud, then the U.S. has no debtor%26#039;s prisons. A court can order garnishing your wages and seizure of assets, but one only goes to jail for crimes. However, willfull failure to comply with an order of a court is itself a crime.

If I owe a party say $5000 and if I cannot pay, I know my credit rating goes bad. Do I have go to jail on top?

You can only go to jail for a debt if you wrote a bad check. Writing a hot check is a criminal offense and the D.A. can choose to take action against you.

If you are in debt with a credit card or something similar, they can send your account to a collections agency, but no jail time.

Do you owe an individual? Did they just loan you the money without a written agreement? If they can claim (and prove) you stole $5000, then you can go to jail for theft.

If I owe a party say $5000 and if I cannot pay, I know my credit rating goes bad. Do I have go to jail on top?

Debtor%26#039;s prison is a thing of the long ago past. The Dark Ages. As long as you can make a payment arrangement with them and you keep the payments going regularly your credit rating won%26#039;t suffer. Contact them and ask if you couldn%26#039;t pay what you can monthly.

If you%26#039;re in totally bad shape you may have to consider bankruptcy, but that will wipe out your credit for 7 years. It also will erase the debt. The best way to go is to make regular payments by arrangement. Your credit rating will then actually improve!

If I owe a party say $5000 and if I cannot pay, I know my credit rating goes bad. Do I have go to jail on top?

Only if you live in a country with a debtor%26#039;s prison. But hey, look on the bright side. While you%26#039;re in debtor%26#039;s prison, there%26#039;s a good chance you%26#039;ll meet Wilkins Micawber, Mr. Pickwick, and the Dorrit family. That should be considerable recompense for the loss of your liberty.

If I owe a party say $5000 and if I cannot pay, I know my credit rating goes bad. Do I have go to jail on top?

It probably depends on who this %26quot;Party%26quot; is; that will depict what is going to happen.