As far as the likliehood of being pursued, it should be considered that most lenders will sell the bad debt or collect on the debt themselves if they so have the right.

It is not a walk away free card from your responsibilities to run the project to the best of your ability, to make every attempt you possibly can to pay the debt or act professionally.

what i want is some information on how they could ever get it paid off. ive never had that kind of debt or any kind of debt that was over my head. so this is all new to me. any info would be much appreciated.

Net debtor as a result of borrowing is a large hedge against dollar deflation due to unsound fiscal policy in this country which I believe will inevitably lead to heightened inflation and low real borrowing costs because inflation tax stealing is easier than confiscation of income by the government3.

A judgment against the debtor, in most states, creates an automatic lien against any property the judgment debtor may own in the same county where the judgment is recorded.

If the debt was acquisition debt or was used for home improvements, they can avoid the tax.

The fact is if one has a judgment against another entity (person or business), then there's a relatively straight-forward, legal process to track down that entity, find and seize any assets (including cars, boats, registered artwork, business supplies, etc), income streams, and potential judgment claims (that your debtor might have) to pay off your judgment lien.

(paying more to the higher debt or the highest percentage of debt)-Should I put more money on to card "A" because it has less available credit than card "B" ?

If a creditor decides to forgive a debt then it is the same as giving the debtor the money back and the IRS considers that as income to the payor which then becomes a debt according to the income tax rules as to when it should be paid.Declaring insolvency to the IRS only tells them that they will have a future problem in collecting the taxes that will be due at a future date.Remember that declaring insolvency really means that at this point in time you can not pay, it does not mean that you wont be required to pay the debt at a future point in time when your current insolvency changes.

Also, the manner in which debtors are approached would be of primary concern.