This isn't a bankruptcy question but it's somewhat related and I think people on this board can help me. I need to put together a net worth statement for a matrimonial matter. I have a few well past due credit cards (from at least two years ago) that I no longer receive bills but suspect they're in some sort of collection or charge-off (if that's the correct term). There are several but some are for about $10K or less. Do I list these as liabilities or have the creditors given up collecting?
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Can Anyone help me please?
What happens to those bills that collection agencies or credit card companies just let sit there - as I said, I haven't heard anything from them in a couple of years - I think the statute of limtiations is longer but no one's contacted me. -
If there has been Zero collection activity for 36 months, under IRS regulations the creditor is supposed to forgive the debt.
You should pull your credit report and see if those accounts are listed anywhere.Comment
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