Statute of Limitations on Filing?

[squeeze]

Is there any kind of "Statute of Limitations" in regards to filing Chapter 7?

In my case, a huge default judgment was awarded against me but so far the creditor has not made any effort to collect.

I'd like to take some time and see if I can negotiate a settlement. If this proves impossible, or if they eventually start garnishing my wages, then I'll start proceedings then.

This whole process might take a few years.

Is there any risk with waiting?

[HHM]

No risk, in the sense that you will lose your right to file Bk.

But from a practical standpoint, why take a few years to try to sort it out. Granted, from your other posts, it sounds like you might not qualify for a chapter 7 BK, (although, I have to think that if this judgment is so "huge", you would be a non-consumer chap 7, hence making the means test meaningless )

[music12]

there is no statute of limitations on filing ch7.

but, if you'll be spending the next few years trying to hide away from this creditor, then you shoudl take into consideration the stress that would involve, which could affect your health, which could make you miserable. many people on this forum wish they had filed a few years earlier than they did.