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I owe an insurance company 16000 dollars for an accident were i had lapsed insurance for 3 days what happens if i dont pay worst
Anonymous5 views4 answers
My insurance had lapsed three days before. the insurance company said it was 3 thousand that was ok i could have woorked with that now they say i owe sixteen thousand dollarrs i cant even begin to pay that off i have other bills so can i go to jail if i dont pay this will the feds get incolved cause is so much?
Wow. What a difference a day makes.....You are probably not going to go to jail. You will have a large monkey on your back for a while, but the insurance company will take small payments for a long time if you commit to paying them back. If you turn into a dead-beat, they will take you to court, get a judgment, and you have to pay their attorney fees. Don't let that happen. Big boys and girls step up and take care of their obligations. If it is REALLY bad, you can talk to a Certified Specialist in Bankruptcy, and list them as a creditor. That will completely trash your credit for 7-10 years, but it can give you a new start.
It is very likely the carrier will take a fraction of what is owed if you can provide them some proof that you have little or no assets. Try to avoid bankruptcy if at all possible.
