Should I File Bankruptcy or Not

What is the name of your state? Florida

I am 24, currently 25,000 dollars in debt. Approx 13 in credit card debt, 5-6,000 in medical bills, 3,000 in student loans, 3,000 in legal fees to the state. All of my credit card debt, medical bills and student loan (which I know is not usually dischargeable) are from 2000 but some of the collection agencies are still reporting it on my credit. I work full time but only make about 15,000 a year and after rent, utilities and other responsibilties that have to be paid each month I dont have any extra money.

My question is should I file bankruptcy or just wait and let everything drop off.

Thanks

[JETX]

Originally Posted by jeffwiltonmanor

My question is should I file bankruptcy or just wait and let everything drop off.

Before anyone can ACCURATELY answer your question, they would need to look at your COMPLETE financial condition.
So, please post the following on the internet:
1) Your last 3 months paychecks.
2) Copy of your lease.
3) Copy of ALL credit card statements (last 3 months)
4) Copies of ALL bank statements (3 months)
5) Copies of ALL medical bills (current)
6) Copies of ALL student loan agreements (not dischargeable anyway!).
7) Copies of ALL bills as to legal fees owed to the state.
8) Copies of ANY other debts you feel you need to try to avoid.

Then provide a link to all of them so that ALL of us can see whether you have sufficient debt to warrant considering bankruptcy.

As soon as I can get the items that I do have scanned I will post them but I dont have the following Items

1. I have no lease as I rent a room from someone on a month to month basis for $475 and all the utilities are in his name (I pay half, about $175 a month).

2. I have no credit card statements as the accounts have been closed at the creditors request for atleast 2 years and I have moved several times since then.

3. I do not have a copy of my student loan agreement just a copy of the last invoice (the student loan is currently in deferrement).

4. Part of the "legal fees" that I pay are not stated anywhere as they are for court ordered counseling. The court papers just say that I will pay for counseling. These payments equal approx. $150.00 a month. The stated court payments for legal fees are $35 a month.

5. I have no current bank accounts

6. I currently bring home $570 every two weeks.

Once again as soon as I can get the items that I do have scanned and uploaded I will.

Thanks

[bigun]

Whoa Jeff! Jetx is just playing with you a little. Don't post all of that on a public forum.
When did you last pay the orginal creditor? The SOL on cc debt in Fl. is 4 years and 5 years for written contracts {I'd assume this would be medical debt}.
If it's been 4 years or close} and you've not been sued, I'd not file BK. This stuff falls of the report at the 7 year mark from chargeoff.

Originally Posted by bigun

Whoa Jeff! Jetx is just playing with you a little. Don't post all of that on a public forum.
When did you last pay the orginal creditor? The SOL on cc debt in Fl. is 4 years and 5 years for written contracts {I'd assume this would be medical debt}.
If it's been 4 years or close} and you've not been sued, I'd not file BK. This stuff falls of the report at the 7 year mark from chargeoff.

The last payment to any of my credit card creditors was in Nov or Dec of 2000. I did pay off the phone company in Oct of 2002 but due to uncontrollable problems ran up another 400 bill with them that has not had a payment since August of 2003 and I have never made a payment for the medical bills as at the time I was unemployed and they are for emergency room visits at the county hospital. The only debt besides rent and utilities (paid to my roomate) I am making are to the state and for the previously mentioned counseling as I have no choice but to pay them. As far as I know I have not been sued and I have no judgements against me that I know of.

The thing that I am concerned with is that the collection agencies continue to report the debts as current active debts.

Thanks

[bigun]

Let'em report anything they please until, the SOL runs out. Then, get involved in credit repair. [url]www.creditboards.com[/url] is a good site.
If your concern is your credit report, a chapter 7 bk will stay for 10 years. If you can avoid a lawsuit, and beat the SOL clock this stuff will fall off at the 7 year mark and maybe sooner if you give it a little nudge. That'll take care of a huge chunk of that debt. I'd just lay low and let the calendar turn.

I not sure what the SOL is, can you explain that to me?

[bigun]

The SOL is the length of time a creditor may legally sue you. If they sue outside the SOL, you must respond to the lawsuit but, you raise the affirmative defense that the SOL has run and the judge should dismiss the case. In Fl. cc debt is 4 years. CC's are olpen accounts per THe Truth in Lending Act.

[url]http://www.locate123.com/StateLaws.asp[/url]

When does the time start running for the SOL, I just looked at a copy of my credit report and they have several items listed with the last activity date as 11/03, 01/03, 09/03 but none of these accounts has had any activity on my part since early 2001 at the latest.

Thank you for all the info you have given so far.

[bigun]

The SOL begins when you first go into default and never recover.
You can find out the date of first deliquency. Contact the CRA's and ask.
From 623{A} of the FCRA.
[url]http://www.ftc.gov/os/statutes/fcra.htm[/url]



(5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.

Thanks for all your help if I have any more questions I will be sure to post them.

[JETX]

Originally Posted by bigun

Whoa Jeff! Jetx is just playing with you a little. Don't post all of that on a public forum.
When did you last pay the orginal creditor? The SOL on cc debt in Fl. is 4 years and 5 years for written contracts {I'd assume this would be medical debt}.
If it's been 4 years or close} and you've not been sued, I'd not file BK. This stuff falls of the report at the 7 year mark from chargeoff.

Damn, Bigun, you certainly know how to suck the fun out of this forum!!!

I've pretty much decided to just wait and let everything fall off since I havent had any suits brought against me. A friend suggested that I get a secured credit card to start rebuilding my credit. Would this create a problem with my past creditor or possibly make them reactivate collections attempts or file a suit against me. Suggestions would be greatly apprieciated.
Thanks

[bigun]

Were I you, I'd do nothing that would tip off a creditor that I was trying to obtain credit until you are certain the SOL has run.
[url]www.creditboards.com[/url] is good site for credit repair. Start with the newcomer thread.
Once the SOL has run, you truely need to get those student loans squared away. They'll hang around forever accuring interest.