I don't have anything, what can they legally do to me?

Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you're living simply, with little income and no property, and look forward to a similar life in the future, you may be what's known as "judgment proof."

This means that anyone who sues you and obtains a court judgment won't be able to collect from you simply because you don't have anything they can legally take. Except in unusual situations you can't be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

The key here is to grasp the knowledge, become more aware of the changes and policies that are being imposed on you, decide for yourself what is best for you, and take control of your future.