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Can I stop paying on some of my debts?

If you are facing serious financial difficulties, chances are that you have had to consider which debts to prioritize and which you may be able to put off paying for a short time. While it is true that you should pay all your debts whenever you have the ability to do so, it is also true that making those payments may not always be possible. According to Forbes, there are some debts that you may consider temporarily not paying on if you are unable to do so. This includes unsecured debts and very old debts.

If you have unsecured debts, that means that you have taken a loan from someone without having to put up collateral like a car or home to guarantee the loan. This most often includes credit card debt and hospital bills. When you have to choose between paying on an unsecured debt and a secured one, you may choose to pay the secured debt simply because you will lose the asset you used to secure the loan in the first place. You should also evaluate which unsecured debts will have the least amount of impact on your financial health if you decide to temporarily suspend payments.

You may also be able to stop paying on very old debts and focus on paying more pressing debts that will have a greater effect on your finances. Federal law dictates that delinquent accounts be removed from credit reports after 7 years from the time a debt becomes delinquent. This means that you may see a greater benefit if you put an old, almost expiring debt aside and pay your delinquent car or mortgage payment instead. This is intended as educational only and should not be taken as legal advice.


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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.

The Law Office of Kim Covington

The Law Office of Kim Covington
1445 Willamette Street, Suite 9
Eugene, OR 97401

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Phone: 541-393-2790
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P: 541-393-2790

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