Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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  • ???

    Hi I am new here. I have several unpaid cc. The sol on most of them will be up in a few months and one remaining for a couple more yrs. And, also, doesnt this drop of your credit report after 7 years after the first missed payment? I should add i have nothing: I drive a 16 yr old vehicle, i rent an income restricted apt. i earn 11.00 an hr. I dont own any homes or property, dont have any stocks or bonds, and barely have any money in my saving acct.
    I so not even have the $ to file BK. Im trying to just wait ubtil the sol is over, and this drops off my CC. No one has tried to sue me yet after three yrs. Im sure this will be seen as a bad stategy. If i did file BK, that would be on my credit report for ten yrs, while this current mess should be cleared in just a few more yrs. When the sol is up, i cant legally be sued, right? So if i can get past this, i shuld be ok. If they try to sue me in the mean time, i will counter by filing BK if i need to.

  • #2
    Sounds like a plan to me
    Some here will tell you to file and get it over with because you never know when good fortune may come your way financially... and someone will pounce.
    Others will say don't file unless you will be in a better position for it afterwards.
    I say... do what works for you. It couldn't hurt to have a free chat or two with an attorney, just to prepare yourself either way. You might be a good candidate for a low cost or free bk thru a legal aid society, or even to do it yourself.

    Welcome and hang in there! Lots of good info and company here. Read as much as you can here-much collective wisdom- and ask q's as they occur.

    Keep On Smilin'


    • #3
      Actually, you can still be sued over out of statute debt. The SOL is an affirmative defense meaning, if sued you still must respond to the lawsuit raising the SOL defense.


      • #4
        Originally posted by keepmine View Post
        Actually, you can still be sued over out of statute debt. The SOL is an affirmative defense meaning, if sued you still must respond to the lawsuit raising the SOL defense.

        Yes, i knew that, i should have stated this in my op


        • #5
          There is a lot of discussion on BKforum about the pros and cons of waiting out the statute of limitations. Try a search of past posts.

          It's hard to answer whether waiting out the SOL or filing BK is better. It is really an individual decision that depends on your tolerance for uncertainty. BK is a way to get rid of your debt for good. If you ever hear from a creditor again, you send a copy of the discharge order and they usually go away. Waiting until a creditor files a lawsuit to file BK can be a good option.

          You have nothing to lose by going for a couple of free consultations with bankruptcy attorneys.

          Originally posted by Fantasia View Post
          Yes, i knew that, i should have stated this in my op
          Given what is in your original post, I want to make sure you understand the point keepmine was making.

          Originally posted by Fantasia View Post
          When the sol is up, i cant legally be sued, right?
          Wrong. You can be sued unless the debt is discharged in BK.
          Last edited by LadyInTheRed; 03-15-2013, 04:31 PM.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


          • #6
            Some debts can be written off if you don't pay them, I had a medical bill $200 or so that I paid but they messed up the payment record and I refused to pay again and a phone bill $150 that was for service that never worked and I cancelled 2 weeks after install, I got the letters from the junk collectors and I just ignored them prior to the 7 years I had them both removed from my credit reports.

            For credit cards they go to junk debt collectors after 6 months and are charged off, I am sure you got the calls and letters from these places, they start off nice like act now and call us to get a discount, then after a while it's we are going to sue you and etc.

            Any charge offs should be removed from your credit report after 7 years, and they can't re-enter them according to the Fair Credit Reporting Act (FCRA), if and when you reach that milestone, you just need to contact the credit reporting agency and tell them that it's been over 7 years.

            The SOL is 3 to 10 years since the last payment was made, it varies state to state.

            After that time, they can't sue you but they can attempt to do so which was already mentioned where you follow up with a SOL claim.




            I don't know what your balances are or if it was even worth their money to sue you or garnish wages, but typically that's the process. I do not know how junk debt collectors determine this? Keep in mind they have to pay plenty to their lawyers.
            Last edited by ccmisery; 03-13-2013, 06:54 PM.


            • #7
              It sounds like you are very poor right now, and don't really have anything which creditors could take from you (or slap a lien on), which is probably why they haven't sued. I suggest waiting until you are sued, if ever, and then filing for bankruptcy at that time. If anything comes up between now and then, such as an uninsured medical problem, you will be able to discharge the debt in your bankruptcy.


              • #8
                Yes, I dont have much $ but i get by, barely. I also have student loans, which i know cant be discharged in BK, but luckily I am on an income based payment plan and make sure those get paid (dont want to mess with the my student loans and cc debt, i am in debt to the tune of around 100,000. CRedit cards at at least half of that amount. ugh..luckily i do have health insurance thru my employerAnd, im not a kid, im 50 years of age . Wondering, has anyone here just waited out the SOL on CC, and waited for it to fall of credit reports and had good luck with that?


                • #9
                  Originally posted by Fantasia View Post
                  Wondering, has anyone here just waited out the SOL on CC, and waited for it to fall of credit reports and had good luck with that?
                  Very, very few. The problem, similar to negotiating debt settlements, is that each and every one of your creditors has to play ball in order for this strategy to work. It sounds like whether you get sued over a $2000 debt or a $20,000 debt it would be essentially the same - you could not afford either. The statute of limitations is a tough game to play, and will most certainly involve court time, filings, and certified mail, etc - all of which carry a price tag. And, as the statute of limitations is about to expire, you can expect a flurry of activity, all of it aimed at trying to get you to affirm the debt and restart the clock. Even if the SOL expires, you can still be sued, placing the onus on YOU to prove...well, everything. It can get messy and expensive and intolerably difficult.

                  Filing a Ch 7 can be almost free. There are provisions to allow destitute filers to have fees waived. A few attorney visits should get you pointed in the right direction, and if you file pro se there are people here who can help to ensure your paperwork is in order. As above, waiting until you have the $$ to file and/or waiting until you are actually sued might prove the most prudent strategy. But in the interim, go see a few BK attorneys so you can get informed on strategies (it is sometimes possible to discharge student loans, for instance). Free consults can be very informative.


                  • #10
                    Thanks for the advice. I probably should seek consultation from an attorney. Im just kind of afraid to go through with bk. I have a friend who did it and she said it was a nightmare. If you file BK, during the process, what happens to your paycheck, are you allowed to keep it, i mean, i need money for my monthly expenses just like anyone else. also i am a renter and no one will rent to me with bk in my history. also my friend said when she filed, they took her car and she had to buy it back.


                    • #11
                      Fantasia, every situation is different. Most of us have made it through with few or minor problems. If you read through a lot of these threads, one very common comment is 'I/we wish we did it sooner.'

                      Unless your 16 yr. old car is a Ferrari, I doubt the trustee, or anyone else will want it.

                      What state are you in?


                      • #12
                        What state are you in? There is confilicting info out there. Half the websites say my state is 3 years and half say it is 6 years and of course it is really 6 years.

                        I don't see any way they are going to let SOL expire on 50K of credit card debt. Even if you can't afford to pay right now they will try and get a judgment in case you get a better job where they can garnish your wages.


                        • #13
                          Fantasia, you have an advantage your friend did not have... and that is this forum. You will go in prepared and knowledgeable.
                          Most of the bk's here go very smoothly. It is only occasionally you hear of major stumbling blocks. Since you have so little for them to take, your case is mostly likely a slam dunk. But... keep reading, take it slowly, and make some educated decisions.

                          Keep On Smilin'


                          • #14
                            With $50k of non-dischargeable student loans, I don't see any benefit to declaring bankruptcy at this time. I would recommend taking a "wait and see" approach. Even assuming you are sued in the future (which may never happen), you would be no worse off filing for bankruptcy at that point than you'd be at this time.

                            It is possible, but not likely, that you can successfully "wait out" the SOL on your credit card debts. I got away with "waiting out" a $11k Citibank credit card that was sold to a JDB a year after initial default, and was resold several times after that. I "almost" got away with "waiting out" a $4k Discover card, but was sued last October, more than 3 years after I quit paying.

                            I will say, though, that collection law firms are paid on contingency, so if you look poor enough, they may not agree to accept your account to sue. (After all, they don't want to waste their time and money going after someone who can't pay.) For example, in my case, Discover Bank sent my account to more than 9 collection law firms over the course of 3 years. All of them sent letters offering settlement, threatening "possible legal action", but none of them followed through, until Gurstel Chargo back in Oct. 2012. They eventually got a judgment, which I have no intention of paying, and plan to file for BK in a week or two.


                            • #15
                              I know someone who did the SOL without worrying about it, she had student loan debt on top of CC debt, she basically did not pay, did not work a real job and had nothing to sue for. I also think she disappeared off of the radar, moved around and lived with different people. I do not know how she got off not paying the student loan debt, but it's been over 20 years+ and there is no mention of it ever. I think there are probably homeless people out there who lost everything and do not even have an address for example.

                              If your still working, have an address and pay taxes, your best to pursue the protection granted to you through a bankruptcy. Peace of mind, in terms of the student loan debt this will soon be epidemic because a lot of people are accruing student loan debt in the hundreds of thousands and cannot even get a job to pay typical living expenses. The proverbial stuff has not even hit the fan yet, but it will.

                              I am over 6 months with one creditor, my debt has gone to collections and the letters, phone calls (I never get them because of the miracle of VOIP call blocking but can see them on a list how many times they call) are coming I do not think I could go a year without filing, I have several other cards that are hitting 3 months now since the last payment and the inquires will soon ramp up. I am waiting for a call at work, I know sooner or later it may happen. I just want a fresh start and no more credit cards, I am on a debit card only agenda from here on out. If I can't afford it, I won't be buying it unless of course it's a car or house or some type of emergency which is the only exemption. The job market is just too unstable to warrant carrying debt on plastic, not to mention wages which are flat in my case I am making less than I was year ago. Sorry for my rant!
                              Last edited by ccmisery; 03-14-2013, 10:01 PM.


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