<prompt> Human: Hello PF, Im looking for some advice. I took some loans in my name, ie personal loans, for a business I started with a partner. Long story short, the business failed, and my partner ran off with the assets. Ive been paying off loans, one of which is an auto loan, the other were two personal loans used to by equipment but that eq was not tied to the loans. All are in my name and not the companys. Its been a real financial struggle to do this, and I may never get the assets back to pay off the loans. My question is what will happen to my credit if I stop paying on these loans? How bad will it be, and is there anything I could do to make it easier. Im guessing its relevant to say where I am: in Nebraska.  <response>: What will happen to my credit if I stop paying these loans?The car will get repossessed and sold at auction, but youll still be liable for the rest on the loan since the auction almost certainly wont pay it off. You will probably get 90 or 120 day late marks on your credit, after which the creditors will sell the debts to collections, which will also appear on your credit report. These combined will effectively trash your credit. Once sold to collections, the collections agency will have the ability to sue you for the debt, and if you dont show up or lose your case, they will likely be able to get a court order allowing them to garnish your wages andor bank accounts. If your business partner ran off with the assets, you should probably be talking to a lawyer about taking action against him to get whatever portion of the assets you are entitled to back. 