Re: What are the consequences if I forget about my debts

Posted by Cee Bee on October 17, 2000 at 03:59:22:

In Reply to: What are the consequences if I forget about my debts posted by Rony on October 17, 2000 at 03:55:49:

: I would like to know if I owe so much money on
: unsecured credit cards and there is no way I
: could repay them back. In addition I do not have
" any assets for the creditor to collect or sue.
: However, I can manage to survive for few years
: on a little amount of income. My question is:
: If I do not want to file bankruptcy and do
: nothing about my debts, can I wait until the
: statute of limitation expired in my states
: to get a better job.
: When the statute of limitations expire, Is it
: true that they can not sue me but they can
: continue bothering me with mails and calls to
: collect.

: Thanks

After the SOL expires they cannot sue you (well they can
but it will get thrown out of court, they count
on you getting scared and doing something), but
they can still call you. Tell them you wont discuss
the matter over the phone and have them put it
in writing. You can also try to settle for a
lower amount. If you owe 10,000 lets say you might
offer them 2,000 to close the account and erase
the item from your credit report. They might not
agree at first, but you cant get blood from a stone.
Eventually they might reconsider. Get it all
in writing. It is never a good idea to just forget
about the debts. Negotiate with them for a lower
amount first. If you cannot afford it, bankruptcy
is an alternative. The one goos thing about
bankruptcy is that there are a lot of creditors
that will give people with ch. 7 credit. Very
few people do through ch. 7 twice and they figure
you are a good bet. Like lightning striking twice
in the same place.
Good Luck

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