O.k. here is the situation. When I was 20-24 years old I ran up a lot of credit card debt about $20,000 (I am 30 years old now). Then I moved abroad to study and I currently live abroad and don%26#039;t plan on moving back to the U.S. for at least another 5 years. What happened was that at a certain point I couldn%26#039;t pay my credit cards anymore and just let them go. Now I am still studying and can%26#039;t afford to make payments. So, what happens if I move back to the US? Is there a statue of limitations on the debt? Should I file bankruptcy? How would I do that if I am living abroad?
Credit card debt - wait 7 years or file bankruptcy? Help Please?
Assuming it is all unsecured credit cards, the banks can still come after you regardless of SoL. They just can%26#039;t take you to court after that.
Regardless of how long it takes, creditors look better on people who pay thier debts instead of skirt the issue. That being said, setteling may be an option so long as they don%26#039;t actually put the word SETTLED on your report. For lenders, that is similar to the scarlet letter.
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Since it was in Texas, it is 4 years from last payment or promise to pay was made. Clock resets if either of these occur. After 4 years, the companies are still entitlted to their money (it was theirs to begin with), they just can%26#039;t sue you for it. If they do, it can be dismissed in court. But seek help if they do.
To get the matter resolved, make a structure debt plan and pay them off one by one. Pay what you can afford, but pay yourself first.
Credit card debt - wait 7 years or file bankruptcy? Help Please?
If that%26#039;s all the debt you have you can easily arrange a payment plan throu an outfit like Debt Reduction Servcies, remove much of the interest and part of the original principal and do the honorable thing, pay it back. In any case, a bankruptcy won%26#039;t plague you any more than what your credit report looks like right now with a bunch of chargeoffs on it. I don%26#039;t know what you%26#039;re doing while living abroad but if you%26#039;re still a student you ought to figure out what you want to do for a living and start doing it, whether abroad or wherever you%26#039;re at and start behaving like a responsible, tax paying citizen instead of dodging your responsibilities. Having said all that the banks are to a degree responsible for your situation by loaning you the money in the first place. If they gave a rat%26#039;s rear end about how they invested that $20,000 of their depositors money (they invested it in you, a bad investment) they never would have issued the card to a student. So, they took a real high and bad risk. The only way the Banks will change their lending habits is if about a million guys like you all file bankruptcy at the same time. It would send a message, not about bankruptcy but about lending and borrowing. Start earning a living and paying cash. Credit card debt is for real chumps. learn a lesson and don%26#039;t repeat it.
Credit card debt - wait 7 years or file bankruptcy? Help Please?
Here%26#039;s an idea - get a job and pay your debts. When you have some money saved up, call the credit card companies and offer to settle. They can mark the account paid and some may even agree to remove the derogatory line. Otherwise, why shouldn%26#039;t future creditors know you are a deadbeat?
Credit card debt - wait 7 years or file bankruptcy? Help Please?
20 G%26#039;s in credit cards. Wow.
I would try to get a loan to consolidate them all, with a reasonable interest rate that will allow you to have a chance of paying it all off in this lifetime.
Of course, you can always delcare bankruptcy - but I don%26#039;t think you would learn much by doing that.
Credit card debt - wait 7 years or file bankruptcy? Help Please?
1. You can look at credit consolidation. Use a non-profit organization who won%26#039;t overly burden you with fees.
Example of non-profit companies
http://www.dmcccorp.org/
http://www.cccsatl.org/
http://www.consolidatedcredit.org/defaul...
2. If you have not paid in a year or more all the debt prob went to collections. The banks may have charged off the debt. You can get a copy of your credit report to see what happened.
http://www.equifax.com/home/
3. If you file BK, it can sit on your credit report for 7 years.
http://bankruptcy-law.freeadvice.com/con...
4. There is no statue of limitations for a creditor to go after you for money.
Privacy Rights:
http://www.privacyrights.org/fs/fs6-crdt...
Good Luck!
Credit card debt - wait 7 years or file bankruptcy? Help Please?
You spent it. You%26#039;ll have to pay for it. Credit card companies shouldn%26#039;t have to eat your mistake. Just slowly pay for the cards through a debt consolidation place.
If you lent me 20,000 and I tell you I can%26#039;t pay you back, how would you feel?
Credit card debt - wait 7 years or file bankruptcy? Help Please?
I wish my idea might be helpful,though you should make the judgement by yourself.I have got good experience at this good resource.http://creditcard.expertips.info/visa-cl...
Credit card debt - wait 7 years or file bankruptcy? Help Please?
Hi,
I used %26quot;Credit Solution%26quot; to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It%26#039;s legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://creditsolution.ez-mart.biz
Credit card debt - wait 7 years or file bankruptcy? Help Please?
Have you looked into hiring a debt management company? The initial call is free, so it maybe worth a shot. I had a friend that used one last year, and it sounds like they really helped put my friend on a plan to becoming debt free.
Credit card debt - wait 7 years or file bankruptcy? Help Please?
I%26#039;m from Dallas and had about 12k in CC debt. I wound up finding a local company that was able to settle my debts for me for 53% of what I owed, so I saved almost 6k. I don%26#039;t kinow if they only accept Dallas residents or not but their website is http://dallasdebthelpdebtconsolidation.c...
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