Divorced, BK Cap 7 behind me...new fiance' new debt...

[notavictim]

My ex buried me financially. I'm not a victim...I let her do it to me. Now 341 behind me on a chap 7 things are looking up. Just got a CC approved and will start rebuilding and will. However...for months and months I was torn on how to tell my serious girlfriend I had a mark on my record for the next 10 years. So if we were to get married down the line she should well, know about it and all...

Well, after sweating it out I finally told her. Guess what? She had something to admit as well. At 30 now she back in college did the whole dumb college kid approved for a zillion CC's thing and got some and racked up bills. Totalled $3000 back then. Well - she chose to play dumb - she isn't - she just chose to play it and blew off the whole lot of CC's. In her words - and I have never heard of this so I think it is nonsense - after 7 years they let it all slide.

I couldn't help but laugh and then get irritated by that. Before marrying her I will have her pull her credit report...what do you all expect I will find? And...if we contact said CC collections people with intent to begin discussing re-payment plans will that actually open a can of worms? Any help appreciated -

[notavictim]

OK update to original post. After some basic research I think I have it right but please correct if I am wrong:

The SOL is 7 years for a credit mark to come off the report.
If you contact them even with good intention to pay back debt it starts the 7 year clock over.
The debt is considered written/charged off by the credit card company after x amount of time. However the debt owed does not go away. it can be sold to a collection agency.

New questions then:

IF debt was sold to a collection agency and then you contact them and want to settle - does that start the 7 year clock as well?

If the debt mark went off the report after 7 years will someone somewhere still always be able to come after you for the money?

I mean after reading this stuff - Why did I file for BK when I could have waited for 7 yrs for my debts to magically fall off the report and go away???? Ok I know that is pie in the sky to think that way...but tell me what I am missing here?

Bottom line is my credit with Chap 7 is hosed but my debt is discharged. By marraige do I adopt her credit as my own??

[SinkingFast]

You need to check on the SOL for Contracts in your State.

Some States have different SOL's for different types of Contracts. Revolving, which would be CC's can be as little as 2-4 years. Could be longer. Can be renewable.

Really depends on the State you live in or the debt was incurred in.

[HenriettaHen]

Notavic - I got a big chuckle out of your post. Now don't take that wrong.

There's an old saying, "No man looks behind a door if he ain't stood there hisself".

Ya? Ya? So here you are, confessing your awful sin - and then ... she has a worse sin! A sin that may cause you to ... pull her credit report!

This is just too ironic. In fact, I think I sense the beginnings of a great tragicomedy.

The best part was can of worms. Check the seal, man! It's been opened already !

Oh. excuse me.

Back to some of your questions>

I think I read that the SOL starts from the date of the last payment to the current holder of the debt. In other words, if you were to give them "any amount", like they always want you to .... That any payment to the debt restarts the clock. Have no clue if the clock restarts upon the sale of the debt.

If she settles, she will receive a 1099 next year for the remainder and will owe income taxes on it.

Will someone always be able to come after you for the money if you wait out the SOL? Probably.

So you probably did the right thing by filing. If that makes you feel a little better? It would sure be rotten having that "funny feeling" for the rest of your natural born days, now wouldn't it?

Might be better to wait until the gal's finances are cleaned up, though - before you marry her. Unless you want to be a victim, NOT.