When Ignoring your Creditors Makes Sense
Ignoring your creditors can be a good financial strategy under certain situations.
If you live a simple life, don’t have much income or property, plan to live that way for a long while, and don’t care about your credit rating, doing nothing may be a good option. You will only go to jail if you have support obligation or criminal fines. Creditors can’t take your food or clothes. Social Security benefits, welfare or unemployment are inaccessible forms of income. Creditors can’t take those benefits from you.
This strategy has some drawbacks. If your creditors are suing you and they find where you bank, they could seize the account. If you win the lottery or inherit money somehow your creditors might be on your tail.