How long can you NOT PAY before you need to file?

[goturtlego]

I have not paid on unsecured debt for about 2 years. I have not received any summons. I did hire a BK attorney (paid $2k down), but I have not moved forward with my BK yet. I did give the creditors my BK attorneys phone number, and really have not heard anything.

I wonder if a lot of it has to do with living in Florida. My wife is unemployed (student), I have not opened or used any credit since I stopped paying, so there is no activity on my credit report other than mortgage payments to a severely upside-down house and my 2 cars.

In florida they have less power to come after me, as I am head of household. I wonder if because a) I got a BK lawyer, b) live in florida, c) have an upside-down house with no equity in it........I wonder if all that contributes to them just leaving me alone for now. I don't try to move forward, settle or anything as I don't want to wake a sleeping giant.

Statute of Limitations in Florida is 4 years. Most of my unsecured debt was opened in Lousiana, and that is where most of the debt was actually incurred. Louisiana has a SOL of 3 years. I never heard a clear answer on which SOL applies in this case, but I am going to assume Florida and just hope to wait it out another 2 years.

Interesting. We are also in Florida. Stopped paying in 2009 and have not opened any lines of credit since. Just have our mortgage (way upside down) and our vehicles. We are working (my dh lost his job of 10 years in 2009 and the day after we stopped paying in order to survive). We received first summons in Nov of 2011.

[spidge]

I had someone begin the process a week after we scheduled the 341 meeting. That was 3 years and 5 months after we stopped paying creditors. Shoot even BofA did nothing on the 2nd for three years.

Seems very different case by case.

[ksgirl38]

This is interesting. Does it vary by state? I was told to stop paying my credit cards and in about 3 months when they cc companies were ready to file something we'd be in BK so it would be too late. I just cancelled this month's cc payments so I can use that money to pay the attorney.

[Floridagail]

You may never get sued. Just start saving your money incase, Once late it does not matter anymore, What a relief to be done with credit card debt. They made plenty of money off us.

[ksgirl38]

Yes, they do make too much money off us. Not to come across as a total b****, but I blame the credit card companies for getting me in this trouble in the first place. I know I was the one that used them, but I tried to negotiate with them several times and it's the interest that got me where I am now. The interest on one of my accounts alone is more than half the balance.

I just love it when you call your credit card company and they try to sell you on that product that allows you not to make a payment if you become unemployed, but they still rack up the interest and you ask the girl on the phone how that is a benefit and you just hear crickets chirping in the background.

[Floridagail]

Mine all doubled by my filing time. They know they will never get paid, they must get tax writeoffs for it or something. I am in process of myfico score, now to get my credit rebuilding. It has been 3 yrs now and not been late with new accounts and my score has soared to almost 700. So I know I did the right thing, I would still be in debt to all the charges and interest they tack on. Good luck on your new fresh start.

[kornellred]

Well, there you have it. The answer to your original posting question is: there is no way to be certain. You may get away with avoiding lawsuits for a long time or even "forever", but that axe is hanging over your head all the time. The way to de-fuse the entire situation is to realize that even if you get sued, it is not the end of the world. Just be ready to go where you would rather not go, That takes knowledge and courage.

[dman]

I think you roll the dice and try to make yourself as invisible as possible.

Yup. Far as I know, no creditors know where I'm at (well, I'm 100% sure they don't know where I really am at, but I'm also pretty sure they don't know where my permanent residence is either). I do keep an eye to see if any suits are filed (well, I can't view those online, but I CAN do a search on Service of Process...name hasn't popped up yet). And if a creditor was able to somehow sue me and get a default judgement against me, I could (somewhat) easily reverse that, as I would have proof that they could not have actually served me. Coming up on two years now; I got no assets or income.