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charge off,SOL and bankruptcy question
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Posted by KB (66.81.128.132) on July 08, 2002 at 14:30:55:
We are in California. We owe over $30,000 in credit card debt. We sought lawyer advice 2 years ago and were planning on a chapter 7 at his advice. His advice was to wait a few months, which has extended now to 2 years. By mid 2000 all of our credit cards were charged off as bad debt, our reports show that two have been purchased. In california the SOL for lawsuits is 4 years, which would be 2 years from now. All debts would be off our records in 5 more years, as opposed to filing BK and 10 more years. My question is this: would it be better to wait out 2 years and risk a lawsuit on any of these debts or go ahead with bankruptcy? I have not yet asked our lawyer. Thank you.
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