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Bankruptcy vs. Statute of Limitations???
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Posted by Julia (216.78.43.125) on July 02, 2003 at 07:39:52:
My husband and I recently decided to file chap 7 to get out from under approx. $30K of CC debt that has hanging over our heads for about 5 years. Most have been charged off. Dh spoke to an attorney yesterday, and planned to pay the fees today and get the ball rolling. I've been furiously researching how to recover from the bankruptcy and re-establish our credit. Well, I ran across info. on the statute of limitations for debts., and almost all of ours have reached the limit. So is it really necessary for us to file BK. After a cross-country move, we're not being called or threatened with action. Should we just wait out the SOL? IMO, that would be better than filing BK, which will stay on our credit report for 10 years. In two more years, most of this stuff will drop off our credit report. Am I right in my way of thinking?
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