by Marquisse » Tue Feb 09, 2010 09:13:13 AM
$40k in debt isn't small fry IMO, and I think they can force you into bankruptcy. If you lie and hide assets during bankruptcy, you are headed for BIG legal trouble - and they might find your asset anyhow and then you'll be dealing with a trustee who hates you and will make your life miserable.
I could not sleep at night knowing I had that amount of debt owed. I once was in debt with MBNA and AMEX for over $18,000. combined when I was 26 years old. I thought I was a big shot with all of this credit, a platinum and gold card, and I spent like a movie star. My interest rates were not nice, either. Well, I delayed my home ownership for over 3 years and paid off every cent, closed the accounts with good standing, and although it hurt like hell to pay it off when I was driving around in a crappy 12 year old GMC Tracker with no air (and went from 0-60 in about 3 days) I still feel that it was the right thing to do.
I hope you rethink your strategy and come up with a solution to do the right thing before your creditors force your hand. This way you will actually feel like you had a hand in your own destiny and the taste won't be so bitter.