I recently hit my two yr anniversary of being sober and off drugs. I've managed to piece together my life over the past two yrs when I could have simply caved in. The only obstacle that is standing in my way now is getting my degree (2 more yrs) and repairing my credit. Upon reading Creditnet and related sites, I've come to realize that I may need to file Chap 7. I have many tradelines, mostly all in chargeoff status, that have not been paid in more than 5yrs. The only thing that is holding me back from filing is the fact that I've had zero contact with any of my OC or CA. They have no phone # or even an address as I move quite frequently. I've never disputed or admitted to any of the debts. So I guess I have the same question that everyone has before they file for BK. Would it be wiser IYO, to wait 2 more yrs which would make all of my debts 7yrs or older and then dispute them off my CR? Or file Chap 7 and prolong the negativity but kind of wipe the slate clean? Let me thank you in advance for reading my post. I really need any input you can contribute. I need to make this decison swiftly as we all know the laws are changing in favor of "big business."
Why would you file for Bk and have another negative entry for 10 yrs. You are at the last hurdle, wait the 2yrs and they will fall off. At this time, I dont think you want to wake sleeping dogs. We know of the tactics the CA use to toll the date of last activity to avoid the statute.
Thxs reshod...I know what you're saying and that's the fine line I'm walking now. I just want to be on the road to recovery.
First of all, don't confuse the statute of limitations with the time a debt is reported. The statute of limitations (SOL) is the period of time that they can legally collect. It is as short as 3 years in some states. Once the debt is out of SOL, they can still try to collect, but if they sue you, all you need to do is go to court and say that it's past the statute of limitations. There's a letter somewhere (I believe on WhyChat's site) for this purpose. I'll try to look it up later and post a link, but if you do a search for WhyChat (may be Why Chat) his link is in his signature on every post. If it's past the SOL for your state, go ahead and dispute them now. Do some searching here on SOL and read a lot.
I forgot to ask--are any of them judgments? If they are, that's a different matter and we'll have to look at them. Basically I agree with Reshod--especially if the debts are SOL. If they are uncollectable anyway, why file bankruptcy and have a bad mark for 10 more years?
Hello Reshod!! Welcome back, Reshod. I may only have been lurking when you were here before, but I remember you. Did you finish law school?
No judgements Hedwig....I think I'm gunna pull all my reports and figure it out from there. I read a few yrs ago on this site about disputing beyond the SOL but the times is coming for them to fall off soon. I gotta put the time in and read and refresh myself with all the info on this board
Hello Reshod!! I havent finished school yet. I am in my last year. I will continue to lurk and help who I can. Reshod
