What happens if you stop paying cc debts and do not file?

[BKBlues65]

Does anyone know what happens when you stop paying your CC debts and just let it ride without filing C7? I've heard that debts have to be discharged after 3 years.

[dingdong]

I believe that the SOL in California is 4 years.

If no one sues you after 4 years of non payment or use of the CC, you are basically home free regarding being sued for the debt.

There are some issues, like moving out of state/country which can toll the debt.

Also, making a sporadic payment can restart the SOL, I believe.

If a CC does try to sue you after 4 years, you can raise the SOL as an affirmative defense to the lawsuit.

[EricaCallaha]

It depends on your state and their statute of limitations to collect a debt. My mom is thinking of this let it ride and I advised against it. With the banks the way they are, their collection efforts have drastically increased. They will be more aggressive with their tactics and possibly try to file for a judgment sooner. The caveat to this is that the courts are crammed with cases. It all takes time. We didn't pay a few of our many cards for 15 months before we filed and were just starting to be threatened with a judgment. Some people are judgment proof and can let it ride. We are not and decided to not take the risk. If you take this path, beware, it is a sticky one. You almost have to remove everything in your name and be a cash person for the duration. Research the laws in your state and find out if this is what you really want to do.

Good luck.

[Floridagail]

I quit paying my cc 24mos while not able to work, waiting for ssdi dicision. Capital one the only one who sued me. I owed other more money, but Capital one sued. You could wait for law suit to file. THey cannot do anything without a lawsuit judgement. It took 7month for judgement. They did try to go after my friends bank account after the judgement. I just filed finally, was hoping not to. I am judgement proof,no assets or job, but I did not want to provide them with my retirement statements. Miracle happen
I got approved for my disability ss , so all is fine now.

[browneyes]

Just curious Gail,
How far behind were you when Cap One sued? I have 2 cards with them and they are half my total unsecured debt. I have heard they like litigation.

I haven't filed yet, trying to get the atty fee together, and hoping they don't try to sue in the meantime.

[JRScott]

They generally will sue before the SOL runs out in most cases.

However there are those that fall through the cracks and they miss. You could attempt to wait it out but keep in mind ultimately your credit rating will be lower than if you filed bk especially with years of nonpayment. If that is not a concern of yours than you can try it .

I got sued after about 18 months of nonpayment. I think it was Aspire that sued me. Anyway when they were seeking judgment to establish I owed the debt is when I finally filed for bankruptcy I had been contemplating it for some time but had kept hoping to find a way out. Sadly that way didn't come and for my own peace of mind I filed.

[Floridagail]

I would say it was 18 mos when capital one hayat attorneys served me notice of lawsuit. I was told my law firm they are in house so faster .Mine was 7500
turned into 14,000 debt by time i filed bkrptcy. I had to laugh. Like they thought I COULD PAY THAT.