I don't think much of anything will happen; it doesn't with businesses; the business my husband worked for won a million dollar suit but the courts have no "army" to enforce it and neither does your credit card company so it's just a win on paper. However, it will mess up any credit you have forever/until you pay what is owed, etc.

I would find a local "legal aid" office of some sort (check with a university law school) and ask them what, if anything to do or other ramifications.