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If he files would I get arrested?

I have listened my friend. I have a question though. If he does call the police and report theft, what would happen?

He threatened to press charges on me, saying that I will go to jail. I am 20 and was living on my own, but he brought my parents in and worked out that I would pay him back. Should I just cease all contact? I have before, and the only text message I sent was "I'd like to call customer, please...

I was stupid. Here's a little history of what happened. I worked with someone to fix computers. I am going to call him John. John gave me some laptops to fix for his customers, after having them in my possession for months I threw them away. I realize this was so stupid, but I wasn't...