usually the creditor has the right to pursue payment.  if the creditor "forgives" the debt (you would get a 1099-C) you could end up with taxable income. however, any payment would be more than the income taxes on the amount forgiven.     

not paying or late paying the debt will be on your credit report for 7 to 10 years,   

for your FICO credit score payment history makes up 35%