Can I get sent to jail for unpaid debt?

Answer On One Hand: Most of the Time, No.Most unpaid debts are pursued by creditors through the civil court system--which does not carry the possibility of jail time. Creditors or debt collectors who clai... Read More »

Top Q&A For: Can I get sent to jail for unpaid debt

How to Cancel an Unpaid Debt Someone Owes on My Tax Return?

If you loaned money to someone with the expectation that it would be repaid, but you cannot collect, you can take a tax deduction for the bad debt on your annual federal tax return filing. In order... Read More »

How long does unpaid debt stay on a credit report?

Negative information cannot remain on your report for more than seven years from the original date of delinquency. Negative information on your credit report can include charge-offs, late payment... Read More »

Do You Receive a 1099 Form for Unpaid Credit Card Debt?

It is possible to receive a 1099 tax form for unpaid credit card debt. Example: You settle a $2,500 credit card balance for $1,000 -- a savings of $1,500. According to the website, the... Read More »

Can you go to jail for a debt?

On One Hand: Debt is Not a Criminal OffenseBeing in debt is not unlawful. Even defaulting through nonpayment on many types of financial debt is not criminal. Although colonial America did institute... Read More »