Bankruptcy is a legal process that erases or reorganizes debt you cannot repay, and it leaves a public record on your credit report for years.

A closed account is a credit account you or the lender has shut, and it stays on your credit report long after it stops being used.

A collection is an unpaid debt your original creditor has handed or sold to a collection agency, which then reports it to the credit bureaus.

A charge-off is a debt your creditor has given up trying to collect and reported as a loss, though you still owe the balance.

A late payment is a mark your lender reports when a bill goes unpaid past its due date by a full billing cycle.

Not paying your credit card triggers late fees and a higher interest rate, then damages your credit, and eventually leads to a charge-off, collections, and a possible lawsuit.

Not paying tolls turns a small charge into a violation with administrative fees, and unresolved tolls can freeze your vehicle registration and land in collections.

Not paying your property taxes creates an automatic lien on your home that can be sold to an investor and, if left unresolved, can cost you the property through tax foreclosure.

Not paying a speeding ticket adds late penalties and can lead to a suspended license, a bench warrant, points on your record, and higher insurance.

Not paying child support is a violation of a court order that the state enforces aggressively through wage withholding, seized tax refunds, suspended licenses, and, in serious cases, jail.