What can they legally do to me if I have stopped paying the loan and credit cards?
I have an outstanding line of credit of $30k and a credit card of $3k with Wells Fargo, then another $5k credit card with Bank of America. I stopped paying them about 5-6 months ago, I believe the accounts have recently been charged off. I am the personal guarantor for these debts. I've been getting a lot of phone calls every day, but I just ignore them.
The business I have been running is not doing good. I’ve lost too much money and it's impossible for me to pay for those debts now. I am still running the business, but it's only making enough to support my own wages and expenses.
I keep only enough money in the checking account to pay my bills, and I have no house or assets beside 2 cars that I'm still paying for.Thanks a lot for the fast answers, by the way, this is in Los Angeles County, CA.