If a CC's do not sue...can I wait it out?...is it possible?

[Atrix]

Maybe someone could answer this...I saw on Suze Ormans show that if you don't make a payment for 7 years a CC company can no longer chase you for the money. So, if I wait 6 more years and but some sort of miracle don't get sued....the CC company cannot do anything about the debt right? I owe Chase/AMex/Bofa/Discover....about $140,000 total.

If I filed today I would be on the hook for 5 years anyway right?.....Money is so tight right now I was panning to file in a about 6 months to catch up on car repairs etc......But if there is a possibility that I would not be sued...(are the banks that busy that I could be ignored that long).......why not wait it out?



Any input would be greatly appreciated...Thank you

[knitty]

Don't count on it! although, theoretically anything is possible, just not probable. We owed Chase $10,000 and it took them only 6 months to sue. I was able to get one continuance from first court date in 11/07, but by the next court date in April we had already filed BK. They used a local attny. to appear for them in court. It's too easy for them to do, I wouldn't count on them forgetting or being too busy elsewhere. You may have your 6 mos. anyway but be prepared to answer the summons, do NOT fail to go to court! Good luck to you

[salsa]

Highly unlikely that none of them will sue during that timeframe.

[momofthree]

If you have a job, they will sue so that they can garnish your wages.

Sometimes, if you don't have a job and don't own a home or anything for them to attach, then they will choose not to pursue you. However, only a very small percentage of people actually make it thru the statute of limitations without a judgment.

If money is as tight as you say it is, you may qualify for a ch.7.

[walker740]

I have no job and own nothing, and Chase still sued me. It took them over two years. I would not count on not getting sued, I would expect it.

[Atrix]

We are self-employed and do not own a home.....so maybe?.....Does anyone know how long the stature of limitations is in CA?....and if we were to be sued by a CC...could I not then try to settle with them...only then having to deal with 1 CC instead of 9? Thank you all so much for your input!

[catleg]

No one knows why they choose to sue some people and not others. It's like asking why do vampires need to ask permission before they enter a mortal's house. No one knows why, but they just do. :-)

[Danglin]

CA is 4 years.

[karm43]

I got sued 3 years holding my breath for 6 months until I could file. Have to work a second job just to pay them. By the way 2 times so far. If your in a position where you can do it now go for it. Plus I have to save money for 6 months to pay them when I quit my second job.

[lrprn]

It sounds like you see filing bankruptcy as something to be avoided at all costs - a fate worse than death. True?

In your situation you really have two choices:

(1) Option 1: Stay the course waiting for the other financial shoe to drop from any one of multiple creditors and collectors for *YEARS* while your credit ratings get worse and worse and worse. Just contacting a creditor or collector regarding your debt, making a small payment, or even promising to make a payment legally re-ages the date set when the debt outlives the statute of limitations (SOL) in some states. Keep in mind that some creditors or collectors will do their best to illegally "re-age" your debt as well. Fighting that typically takes $$ and a lawyer. You won't be able to get a decent loan for a house or car during the entire length of time you are waiting the debt out hoping you aren't sued until the debt does outlive the SOL for your state. Another thing to keep in mind if you've moved recently is that in some states the SOL depends on the state the debt was accrued in, not the state you live in now. That could mean that any debt accrued outside California is dependent on the state you did accrue the debt in.

(2) Option 2: Deal with the debt decisively now. File the bk chapter you qualify for and be free of the debt, even if it takes a five-year Ch 13. Then move on.

The members here who have tried Option 1 find out over the coming years that the strategy fails for lots of reasons. Almost universally they wish they had just filed bankruptcy in the first place because then their financial issues would be over and behind them instead of finally crashing after years of sacrifice and looking over their shoulders for the judgment suit that eventually forces the bk filing anyway.

Option 1 is a losing bet against the creditor house with all the advantages they have (plenty of $$ and many lawyers on retainer) against you (broke and still desperately trying to find an easy way out of the noose). There isn't one.

Most people who care deeply about their families and the suffering and stress years of running from big debt puts on them choose Option 2 from the start. Five years isn't a very long time compared to what you are contemplating with Option 1. Think about it carefully. Filing bk needs to be a cold, emotionless decision. Take your emotions and prejudices about bk completely out of it. Then think about what you would tell a close friend in your identical financial situation to do, and then take your own good advice