If you don't care whether the property is taken, or are confident that the creditor doesn't really want it, don't worry about missing a payment or two. But a default on a loan or a repossession of property will appear on your credit report for seven years and will affect your ability to get credit in the future.

Unpaid taxes. If the IRS is about to take your paycheck, bank account, house, or other property, you should negotiate to set up a repayment plan immediately.

Department store and gasoline charges. If you fail to pay these bills, you'll probably lose your credit privileges and, if the debt is large enough, you may be sued.

Loans from friends and relatives. You may feel a moral obligation to pay, but these creditors should be the most understanding with you. See if you can defer making payments until you are back on your feet or agree on an alternate repayment plan.

Newspaper and magazine subscriptions. These debts aren't essential, but will no doubt lead to collection actions.

Legal and accounting bills. These debts are rarely essential, but may lead to threatening letters and lawsuits if they remain unpaid.

Other unsecured loans. An unsecured debt is not tied to any specific item of property -- in other words, there is no collateral for the debt. This means that a creditor cannot simply take your property if you fail to pay. The creditor can collect from you only by suing you and obtaining a court judgment. These unsecured debts are rarely, if ever, essential to pay first.