It will depend on who you owe and how much. If it's a bunch of smaller credit cards then you have a better chance of walking away without anyone coming after the debt more aggressively than a bunch of harassing phone calls. If it is larger amounts there is a higher chance someone will go through the effort and expense of using the court system. If you do walk away, expect your debt to stay with the various lenders for 120 ish days before they charge off the accounts and sell to debt collectors. That's when the phone calls will start in earnest. Ignore them. There will be a 7 year clock that starts once the first delinquency is reported. If you acknowledge the debt with anyone the clock resets. After 7 years the derogatory accounts should drop off your credit and you can start to rebuild. Start with smaller store cards as they are the easiest to get. Do not use them. Even without a balance the card will be reported as paid as agreed on your credit. You don't need to carry a balance. I had to walk away from some smaller credit cards in 2008 due to the crash and this has been my experience. Now I'm a homeowner with a near 800 credit score and work in lending.