I was gonna payoff a loan on my 401k with it and pull out another loan and pay the whole 50000 but I was unable to due to rules they have in place about how much I can get out at once now the air ambulance company says thy will take legal action I don’t have the money to pay them what is gonna happen to me?can I go to jail?
Pay them what you have and make arrangement to make monthly installment payments for the rest.
you won't go to jail for an unpaid debt, but you will most likely be sued and perhaps, have a judgment entered against you. I also would suggest contacting the creditor and settling for a lesser amount, or entering into a monthly payment plan you can afford.
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