Question about waiting out 7 year time limit

[jusclaandus]

What is the name of your state? MD

I was wondering when you have bad debt on your credit report and it has been there for the 7 year time limit. Lets say the 7 year limit would be up by the end of 2008.
27 of the 32 negative records on your report where to be erased from your credit report.

Would you still file chapter 7 bankruptcy and have that shown on your credit report for 7 more years or just wait out the 7th year and let all the negative accounts fall off
than pay off the negative accounts left after the fact ?

What are your thoughts?

Im not positive about this, but I believe that bankruptcy stays on your credit report for 10 years...bad debt is 7 years....I think it all depends on the amount that you would still owe on the remaining 5 accounts on your credit report.

[Betty]

Yep - a chapter 7 bankruptcy will remain on your credit report for 10 years.

[jusclaandus]

ok i got free credit reports on line in prep for filing chapter7 which i really can't afford by the way and my 1 report says i owe
34,556.00
minus 10,000.00 the rest is credit card debt (the 10 grand is a car i had)

i think that at least 24,000.00 will drop off
the other credit report is the 1 that lists the estimated date the items would be removed and all debt will be gone by 2010 except 2 judgesments i have

i'd owe after the end of 08 i'm guessing under 15 grand only because of the car i had

[jusclaandus]

Originally Posted by Betty

Yep - a chapter 7 bankruptcy will remain on your credit report for 10 years.

so if i just wait and let most of the accounts fall off my report and than work on rebuilding my credit is'nt that better since i would not have bankruptcy on my credit report for 10 more years?

[bigun]

First of all, when the debt drops off your report, you'll still owe it until the end of time.
Thing is, you are well beyond the SOL for a lawsuit in Md. If you do get sued, you have an affirmative defense. You will have to respond to any lawsuits.
IMO, I'd not file bk is this stuff is past the SOL and close to dropping off your report. Instead, I'd get myself educated on my rights as a consumer as it pretains to old debt.
[url]www.creditboards.com[/url] and [url]www.creditinfocenter.com[/url] are 2 good sites.
Here's the SOL for MD.

[url]http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml[/url]

Originally Posted by jusclaandus

so if i just wait and let most of the accounts fall off my report and than work on rebuilding my credit is'nt that better since i would not have bankruptcy on my credit report for 10 more years?

their are credit mending agencies that will work with your creditors and you to be able to pay off your debt, they will contact your creditors, make all the payment arrangments, at times the creditors will freeze or reduce the interest rate of the debt.

[bigun]

I would not pay any debts that are beyond the SOL for a lawsuit. What's done is done. Let them fall of your report and keep your money.

[jusclaandus]

Originally Posted by pacarox

their are credit mending agencies that will work with your creditors and you to be able to pay off your debt, they will contact your creditors, make all the payment arrangments, at times the creditors will freeze or reduce the interest rate of the debt.

I don't have the money to pay any of them back it's taken me this long to come up with the $1000.00 dollars to file now. Besides if i contact any of them now I start the 7 year clock all over. Everything fell apart for me around the same time 7 years ago thats why a lot of the accounts are coming off within the same year. I have been trying to file for a long time even before the new laws took effect but never had the funds.

On top of that all of the debt is either from a car,credit card or store credit accounts and some medical bills. There either is no interest rate because the companys themselves charged off the accounts or the accounts where sold to collection agency's .

[jusclaandus]

Originally Posted by bigun

First of all, when the debt drops off your report, you'll still owe it until the end of time.
Thing is, you are well beyond the SOL for a lawsuit in Md. If you do get sued, you have an affirmative defense. You will have to respond to any lawsuits.
IMO, I'd not file bk is this stuff is past the SOL and close to dropping off your report. Instead, I'd get myself educated on my rights as a consumer as it pretains to old debt.
[url]www.creditboards.com[/url] and [url]www.creditinfocenter.com[/url] are 2 good sites.
Here's the SOL for MD.

[url]http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml[/url]

Thanks I will check these links out
I did look at the SOL for md and it's way over the limit for the credit card accounts
i do have a judgement from a electric company for a refrigerator

[Ladynred]

their are credit mending agencies that will work with your creditors and you to be able to pay off your debt

Yes, and most of them are scams, will cost you more, will still wind up getting you sued, can open you up to tax liabilities, AND they will damage your credit almost as badly as a bankruptcy. They are NOT WORTH IT.