debt acquisition firms

[newstart18]

What is the name of your state? Ohio. I have some very old debt (all credit card type) that is still showing on my credit report, charge offs and P&L write offs that are all about 5-6 years old. A couple of these accounts were purchased by debt acquisition firms after being charged off, and periodically I receive letters from them offering to settle for 50% "if I act now". I have been told that most of these firms are not that aggressive in collections, since they usually purchase the debt for a fraction of the actual amount. I am contemplating filing bankruptcy to clear all of this debt (total is about 27K), but hesitate since most of it is old and, I believe, not collectable. Am I right about this, can the charged off debt no longer be collected? The charge offs and P&L accounts can be removed from my credit report after 7 years, is this right? If this is the case, all that would be left are the 2 or 3 accounts that were purchased by debt acquisition firms. Can they actually collect on these, even though the accounts were charged off? Also, with no activity for 4 years since being bought by the debt acquisition firm, are these also past the statute of limitations for collection?

[bigun]

According to this site, the SOL on cc debt in Ohio is 4 years.

[url]http://www.fidelityinfocorp.com/state_list.html[/url]

At the 7 year mark, the baddies fall off your report. You may be sued for out of statute debt but, if you assert the SOL defense at trial you'll win. No way should you bk on debt that is past the SOL and, will fall of your reports in a couple of years.