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Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!

 
Brie217
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10/07/2011 10:28 AM
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Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Did you know that in many states after 3 years of consistent non-payment on credit card bills that the credit card company or collections agency CANNOT sue you for the debt? Did you know that if you don't own a home, or a car, have no expensive assets like a boat for example and have no job that you are considered Judgment Proof? Judgment Proof means that a creditor cannot collect on a judgment even if the do sue you and win.



The following 13 states and Washington D.C. are 3 year states...

"Read this Before Filing for Bankruptcy"
[link to brie-hoffman.hubpages.com]

Last Edited by Brie217 on 10/07/2011 10:35 AM
Anonymous Coward
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10/07/2011 10:30 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Right but the three years is only good if there is no judgement ruled against you.
Brie217  (OP)

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10/07/2011 10:31 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Right but the three years is only good if there is no judgement ruled against you.
 Quoting: Anonymous Coward 1610063


True but right now there are so many people who are defaulting the chances are slim that they will go to court unless you have a really great income or assets and who has that if they can't pay their credit card bills?
GeekOfTheWeek

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10/07/2011 10:40 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Just added you to my buddy list. You have such good information...always
I love physics. It bonds us eternally, it's what makes our computers work, it's what's in my morning cup of coffee, it's the thing that keeps the universe from vanishing due to lack of belief...
Anonymous Coward
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10/07/2011 10:41 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
If I recall correctly other states are 4 years before they cannot sue you....
Brie217  (OP)

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10/07/2011 10:43 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
If I recall correctly other states are 4 years before they cannot sue you....
 Quoting: Anonymous Coward 2252246


They vary, I have the list on the hubpages article, you can look your state up.
Brie217  (OP)

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10/07/2011 10:43 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Just added you to my buddy list. You have such good information...always
 Quoting: GeekOfTheWeek


Thanks Geek..quite a compliment!
Philbird

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10/07/2011 10:46 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Interesting find. I have no job, no house, sold everything except my computer. I have medical bills out the wazoo, and shitty insurance. I use my credit card to buy food and make minimal payments. What;s gonna happen within the three years I don't pay? They can't take anything, cause I don't own anything. Wishful thinking.
Anonymous Coward
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10/07/2011 10:48 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
I was 7 years past a default. By then I had bought a house. A predator collector decided to sue and they went after me..hard. Big scary man showed up at my door in the dark to hand me a summons. I paid attention and responded to the courts with a "motion to desist". They almost won. If they had, they would have garnished my wages, put a lien on my home, etc.

The court just paper pushed these cases. No appearance. The only reason I won is I walked into the Judges office and refused to leave until I saw him personally. Once he saw my paperwork (and a few tears), he was pissed for having his court used this way by these collectors. He ruled in my favor.

Do not think this is an easy path. You will have to show up and fight.
theSeachingJones

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10/07/2011 10:48 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
bump
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Anonymous Coward
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10/07/2011 10:48 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Great. Loopholes for deadbeats. Here's an idea: rather than trying to slither out of paying your debts, why not act responsibly and not incur them in the first place?
Philbird

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10/07/2011 10:50 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Oh, and thanks for the post... Karma coming and 5*
Brie217  (OP)

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10/07/2011 11:01 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Interesting find. I have no job, no house, sold everything except my computer. I have medical bills out the wazoo, and shitty insurance. I use my credit card to buy food and make minimal payments. What;s gonna happen within the three years I don't pay? They can't take anything, cause I don't own anything. Wishful thinking.
 Quoting: Philbird


YOU are judgment proof!
Anonymous Coward
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10/07/2011 11:01 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
@Philbird don't take this the wrong way but you pay for this site and don't pay for normal bills? Priorities slightly out of wack?
Anonymous Coward
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10/07/2011 11:01 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Great. Loopholes for deadbeats. Here's an idea: rather than trying to slither out of paying your debts, why not act responsibly and not incur them in the first place?
 Quoting: Anonymous Coward 1283316


The debts they claim are always the real facts. For example, I bought a rug for $142.00 on credit. I paid it off within the time frame of owing no interest...12 months. The last payment was logged in to their records as 2 days late. There was no calls from the agency for over 2 years then all of a sudden, they call claiming I owe over $700 in accrued late fees and interest. All this for a loan I paid off. That amount has risen to over $1800. all for a $142.00 rug, and what they say was a late fee on a late payment. Is this fair? I owe no debt and pay my bills always.
Brie217  (OP)

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10/07/2011 11:03 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
I was 7 years past a default. By then I had bought a house. A predator collector decided to sue and they went after me..hard. Big scary man showed up at my door in the dark to hand me a summons. I paid attention and responded to the courts with a "motion to desist". They almost won. If they had, they would have garnished my wages, put a lien on my home, etc.

The court just paper pushed these cases. No appearance. The only reason I won is I walked into the Judges office and refused to leave until I saw him personally. Once he saw my paperwork (and a few tears), he was pissed for having his court used this way by these collectors. He ruled in my favor.

Do not think this is an easy path. You will have to show up and fight.
 Quoting: Anonymous Coward 2335732


No, not necessarily. Banks wont sue if they know they can't get anything from you.
Anonymous Coward
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10/07/2011 11:03 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
bump

.
Brie217  (OP)

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10/07/2011 11:05 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
These Banks are the same Banks that charge you to use YOUR money, who charge you usurious interest rates of 20+%, who foreclose on homes that they DON'T EVEN OWN!, that take bail-out money causing unemployment and inflation which is a TAX. So don't tell me that people should pay their bills!
Eichmann

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10/07/2011 11:10 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Did you know that in many states after 3 years of consistent non-payment on credit card bills that the credit card company or collections agency CANNOT sue you for the debt? Did you know that if you don't own a home, or a car, have no expensive assets like a boat for example and have no job that you are considered Judgment Proof? Judgment Proof means that a creditor cannot collect on a judgment even if the do sue you and win.



The following 13 states and Washington D.C. are 3 year states...

"Read this Before Filing for Bankruptcy"
[link to brie-hoffman.hubpages.com]
 Quoting: Brie217




For one, most credit card companies will pursue litigation after one year, maybe less but not much more. You don't have to have assets for them to pull money out of your bank account. Unless you have no assets and no job you will pay. Also, those debt settlement companies will just get you sued and cost you money for the favor. Your best bet if you are unable to pay is file bankruptcy. As a couple you may retain 20,000 in total assests. That is cars, furniture, cash, guns, etc. Any more than this and they will take it and make you sell it.

Last Edited by Revisionist on 10/07/2011 11:13 AM
Living the gospel of Christ is an action not a thought.
Brie217  (OP)

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10/07/2011 11:14 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Did you know that in many states after 3 years of consistent non-payment on credit card bills that the credit card company or collections agency CANNOT sue you for the debt? Did you know that if you don't own a home, or a car, have no expensive assets like a boat for example and have no job that you are considered Judgment Proof? Judgment Proof means that a creditor cannot collect on a judgment even if the do sue you and win.



The following 13 states and Washington D.C. are 3 year states...

"Read this Before Filing for Bankruptcy"
[link to brie-hoffman.hubpages.com]
 Quoting: Brie217




For one, most credit card companies will pursue litigation after one year, maybe less but not much more. You don't have to have assets for them to pull money out of your bank account. Unless you have no assets and no job you will pay. Also, those debt settlement companies will just get you sued and cost you money for the favor. Your best bet if you are unable to pay is file bankruptcy. As a couple you may retain 20,000 in total assests. That is cars, funriture, cash, guns, etc. Any more than this and they will take it and make you sell it.
 Quoting: Eichmann


If you have assets and a job then sure pay..then cut up the damn credit cards. BUT, if you have no assets (to speak of) and no job it's cheaper and better to just wait out the statute of limitations. Why give a bankruptcy attorney thousands of dollars and have it on your credit for 10 years when in some states after 3 years you are scott free.
Philbird

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10/07/2011 11:15 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
@Philbird don't take this the wrong way but you pay for this site and don't pay for normal bills? Priorities slightly out of wack?
 Quoting: Anonymous Coward 1458717

Offense not taken. I'm only subscribed for one month cause I kept getting banned. The subscription was a birthday gift. :)
Brie217  (OP)

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10/07/2011 11:20 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Also, I do agree DO NOT go with a Debt Settlement company..total rip-off scams.
Eichmann

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10/07/2011 11:20 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Did you know that in many states after 3 years of consistent non-payment on credit card bills that the credit card company or collections agency CANNOT sue you for the debt? Did you know that if you don't own a home, or a car, have no expensive assets like a boat for example and have no job that you are considered Judgment Proof? Judgment Proof means that a creditor cannot collect on a judgment even if the do sue you and win.



The following 13 states and Washington D.C. are 3 year states...

"Read this Before Filing for Bankruptcy"
[link to brie-hoffman.hubpages.com]
 Quoting: Brie217




For one, most credit card companies will pursue litigation after one year, maybe less but not much more. You don't have to have assets for them to pull money out of your bank account. Unless you have no assets and no job you will pay. Also, those debt settlement companies will just get you sued and cost you money for the favor. Your best bet if you are unable to pay is file bankruptcy. As a couple you may retain 20,000 in total assests. That is cars, funriture, cash, guns, etc. Any more than this and they will take it and make you sell it.
 Quoting: Eichmann


If you have assets and a job then sure pay..then cut up the damn credit cards. BUT, if you have no assets (to speak of) and no job it's cheaper and better to just wait out the statute of limitations. Why give a bankruptcy attorney thousands of dollars and have it on your credit for 10 years when in some states after 3 years you are scott free.
 Quoting: Brie217




It's not that much. It may only be 1500 dollars total. It's only on your credit report for 7 years and you can buy a house after only a few years. You will get credit card offers almost right away. It really is not that big of deal. Plus it is a good feeling not to be so worried about a credit score.
Living the gospel of Christ is an action not a thought.
Brie217  (OP)

User ID: 1462880
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10/07/2011 11:23 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Did you know that in many states after 3 years of consistent non-payment on credit card bills that the credit card company or collections agency CANNOT sue you for the debt? Did you know that if you don't own a home, or a car, have no expensive assets like a boat for example and have no job that you are considered Judgment Proof? Judgment Proof means that a creditor cannot collect on a judgment even if the do sue you and win.



The following 13 states and Washington D.C. are 3 year states...

"Read this Before Filing for Bankruptcy"
[link to brie-hoffman.hubpages.com]
 Quoting: Brie217




For one, most credit card companies will pursue litigation after one year, maybe less but not much more. You don't have to have assets for them to pull money out of your bank account. Unless you have no assets and no job you will pay. Also, those debt settlement companies will just get you sued and cost you money for the favor. Your best bet if you are unable to pay is file bankruptcy. As a couple you may retain 20,000 in total assests. That is cars, funriture, cash, guns, etc. Any more than this and they will take it and make you sell it.
 Quoting: Eichmann


If you have assets and a job then sure pay..then cut up the damn credit cards. BUT, if you have no assets (to speak of) and no job it's cheaper and better to just wait out the statute of limitations. Why give a bankruptcy attorney thousands of dollars and have it on your credit for 10 years when in some states after 3 years you are scott free.
 Quoting: Brie217




It's not that much. It may only be 1500 dollars total. It's only on your credit report for 7 years and you can buy a house after only a few years. You will get credit card offers almost right away. It really is not that big of deal. Plus it is a good feeling not to be so worried about a credit score.
 Quoting: Eichmann


$1500 may not be a lot of money to YOU but to someone who has no money it's a lot!
Anonymous Coward
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10/07/2011 11:23 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Right but the three years is only good if there is no judgement ruled against you.
 Quoting: Anonymous Coward 1610063


What if they dont serve you and you dont know
Brie217  (OP)

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10/07/2011 11:28 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Right but the three years is only good if there is no judgement ruled against you.
 Quoting: Anonymous Coward 1610063


What if they dont serve you and you dont know
 Quoting: Anonymous Coward 2542266


They have to serve you. But if you have no address, they can't serve you and therefore can't sue you.
Sammie

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10/07/2011 11:28 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
These Banks are the same Banks that charge you to use YOUR money, who charge you usurious interest rates of 20+%, who foreclose on homes that they DON'T EVEN OWN!, that take bail-out money causing unemployment and inflation which is a TAX. So don't tell me that people should pay their bills!
 Quoting: Brie217


Exactly! But they sure have programmed us to feel morally obligated to their scheme.

Btw: These same banks walk on their obligations all the time but when they drop a poor performing asset it's called a good "investment decision".



Just added you to my buddy list. You have such good information...always
 Quoting: GeekOfTheWeek


Ditto
"Beware lest you lose the substance by grasping at the shadow".  ~Aesop


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It is only a matter of which occurs first."
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Real list

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10/07/2011 11:29 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
These Banks are the same Banks that charge you to use YOUR money, who charge you usurious interest rates of 20+%, who foreclose on homes that they DON'T EVEN OWN!, that take bail-out money causing unemployment and inflation which is a TAX. So don't tell me that people should pay their bills!
 Quoting: Brie217


The only other option is to use cash only. Demand your pay in cash, buy money orders (pay to send your own money), keep any excess cash in dresser drawers (security issues) and use cash for all local transactions.

Otherwise pay banks for the convenience of the services they provide.

Last Edited by Real list on 10/07/2011 11:38 AM
Miggy

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10/07/2011 11:29 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Just added you to my buddy list. You have such good information...always
 Quoting: GeekOfTheWeek


Thanks Geek..quite a compliment!
 Quoting: Brie217



Geek is my favorite person on here.

He/she has always been kind to me in addition to others and knows how to debate politely.

I'm starting to thing of him/her as a big 'ole love bug- not a mean bone in it's body.

Miggy
Brie217  (OP)

User ID: 1462880
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10/07/2011 11:30 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
These Banks are the same Banks that charge you to use YOUR money, who charge you usurious interest rates of 20+%, who foreclose on homes that they DON'T EVEN OWN!, that take bail-out money causing unemployment and inflation which is a TAX. So don't tell me that people should pay their bills!
 Quoting: Brie217


Exactly! But they sure have programmed us to feel morally obligated to their scheme.

Btw: These same banks walk on their obligations all the time but when they drop a poor performing asset it's called a good "investment decision".



Just added you to my buddy list. You have such good information...always
 Quoting: GeekOfTheWeek


Ditto
 Quoting: Sammie


Boy, I'm making lots of friends today :):hf:
Brie217  (OP)

User ID: 1462880
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10/07/2011 11:30 AM
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Re: Read this Before Filing for Bankruptcy: The Statute of Limitations on Debt!
Just added you to my buddy list. You have such good information...always
 Quoting: GeekOfTheWeek


Thanks Geek..quite a compliment!
 Quoting: Brie217



Geek is my favorite person on here.

He/she has always been kind to me in addition to others and knows how to debate politely.

I'm starting to thing of him/her as a big 'ole love bug- not a mean bone in it's body.

Miggy
 Quoting: Miggy


Good to know, thanks. I think Geek is a HIM btw.





GLP