Charge offs?

[JIM0621]

What is the name of your state?MI
My question is I have accumilated around 45k in bad credit. Most of these companies in which I owe money say charged off. This is shown on my credit report. From what I was told these items that are charged off if I leave them alone for 7 years then they will come off my credit report. I was just wondering is this true. If it is I have about 4 years left. If not should I just file Chapter 7? The items I owe on are 2 repossessed vehicles and misc small bills.

 

[Ladynred]

ALL negative items must come off your credit reports after 7 years, that is the law (Fair Credit Reporting Act).

Repo's ?? They WILL sue you, and when you lose, the judgment can stay on your reports for 10 years or more.. as long as it goes unpaid.

Small bills, don't stay small. I can guarantee that most of them, if not all, are accumulating interest at insane rates in the hands of collection agencies and junk debt buyers.

So.. you can duck out for the next 4 years and go underground... or file bankruptcy and get it over with in a few months. You can stay out in the light of day and start over.