Bottoming Out… Worst That Can Happen With Non-payment Of Personal Loans And Credit Cards [texas]
Situation: Multiple Personal loans and credit cards that are either in seemingly forever collections or have gone to default judgement. Total: $200k
No monthly payments or payment plans in place. No extra funds, living month to month.
Assets: None. No house. No equity in car. No savings or 401k etc.
Income: High earner top line. However preexisting rent, car obligations, child support and back pay to IRS leaves no extra funds.
Backstory: Lets say cancer, death, and IRS misinterpreting Bitcoin gains from years past are the catalysts although prefer to keep the topic to the math and liabilities of these debts.
Ideal outcome: At 51 yrs old, hoping to grow business by $50k per year and begin payment plans at the offered reduced principlea.
Questions:
Being in Texas where wages aren’t easily garnished, what is the most likely outcome vs worst case scenarios?
Will the courts assess assets from time to time and confiscate if anything lien-able exists?
Are there things that one may need to establish in order for wages to be protected, even in TX?
These debts are now largely yrs old and things are breaking like washing machine and car repairs and wonder if ability to buy these will be hindered or worse.
Bankruptcy: Not an option because of high income and not wanting to leave children’s [rental] home and school system or stop paying their extracurriculars.
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