Ancient "zombie" debt - not on credit reports anymore - should I list it?

[chicagoannie]

I filed no-asset Ch 7 on 11-18. I only had one credit report in my possession; since then I have received the other two, so I am amending my unsecured creditors list to add a few more debts.

My question is: Back in 1999 I racked up a credit card and never paid it off. The account went to 2 or 3 different collection agencies, finally ending up with Asset Acceptance. I was steadfast in avoiding the debt (it had skyrocketed due to fees and interest and the CA would not work with me)...until I purchased a home in 2005 and was strong-armed by their "attorney" into unwittingly reaffirming the debt. They made me (ok, I caved because I was desperate!) send partial payment of $1250, then I never heard from them again. The total due was in the $6000 range, but after I sent the $1250 and closed on the house, I ignore their calls.

Fast forward to now...I know I re-started the clock on this "debt" in 2005. It's not on any of my credit reports now, but should I list what I remember - the original creditor and the collection agencies, with amount as "unknown?" I do NOT want them to track me down later this year and sue me for a debt originating back in 1999!

[AngelinaCatHub]

Forget it. You are home free. Statute of Limitations. Check yours in your state. Usually four years. 'Hub


EDIT: http://www.fair-debt-collection.com/...-State.html#14

[tcreegan]

Hi chicagoannie,

IL statute of limitations for credit card debt is 5 yrs, so you should be fine. If you are amending anyhow, wouldn't hurt to throw them in, you can put the $ amt as 'est'

But even w/ the statutes and listed/not listed in the BK, you are still protected...if they hassle you in the future you send them a copy of the BK discharge and tell them to pound sand...

Tom in Colo

[tobee43]

I filed no-asset Ch 7 on 11-18. I only had one credit report in my possession; since then I have received the other two, so I am amending my unsecured creditors list to add a few more debts.

My question is: Back in 1999 I racked up a credit card and never paid it off. The account went to 2 or 3 different collection agencies, finally ending up with Asset Acceptance. I was steadfast in avoiding the debt (it had skyrocketed due to fees and interest and the CA would not work with me)...until I purchased a home in 2005 and was strong-armed by their "attorney" into unwittingly reaffirming the debt. They made me (ok, I caved because I was desperate!) send partial payment of $1250, then I never heard from them again. The total due was in the $6000 range, but after I sent the $1250 and closed on the house, I ignore their calls.

Fast forward to now...I know I re-started the clock on this "debt" in 2005. It's not on any of my credit reports now, but should I list what I remember - the original creditor and the collection agencies, with amount as "unknown?" I do NOT want them to track me down later this year and sue me for a debt originating back in 1999!

you should list every single person, place or thing on that petition.......as once it's filed and accepted....it's written in stone.

it's much better to be safe than sorry....as far as you know, it may even be a judgment somewhere out there and even a small typo could prevent it from showing up.
you have absolutely nothing to lose if you list it...and i would list the amount as "unknown" and the original name and address of the creditor...it's imperative they receive "proper" notification....

even IF they are not to be found in your records....if you go 5 years down the road and they pop up you are SOL!! you have nothing to lose...and could gain an advantage later if they pop up in the future years.

[jcj112562]

I would agree with tobee, as when I filed, I listed every creditor I knew about, all those on all three CR...but I forgot about one repo done in my youth. They were not noticed in the BK, but they managed to file a claim for the balance, and one other creditor I forgot did so as well. List them or not, some creditors will find your BK and file a claim.

John

[tobee43]

I would agree with tobee, as when I filed, I listed every creditor I knew about, all those on all three CR...but I forgot about one repo done in my youth. They were not noticed in the BK, but they managed to file a claim for the balance, and one other creditor I forgot did so as well. List them or not, some creditors will find your BK and file a claim.

John

yes, john, that's a perfect example of what can happen.

some do have status of limitations, however, many states allow "renewals" of some types of debts. it simply does not hurt anything to list them.

but when something does come back to bit you, you find yourself with no recourse.

[chicagoannie]

Here is what I found online for Illinois SOL:

Illinois Statutes of Limitation

Breach of contract for sale under the UCC: 4 years.

Open account or unwritten contract: 5 years. NOTE: Except, as provided in 810 ILCS 5/2- 725 (UCC), actions based on a written contract must be filed within 10 years, but if a payment or new written promise to pay is in made during the 10 year period, then the action may be commenced within 10 years after the date of the payment or promise to pay.

Domestic judgments: 20 years, but can be renewed during that 20-year period.

Foreign judgments are the same time as allowed by the laws of the foreign jurisdiction.

Tolling: A person's absence from the state or during the time that an action is stayed by injunction, court order or by statutory prohibition tolls the time limit.

Non Sufficient Funds (NSF or Payment of Negotiable Instruments) checks: 3 years of the dishonor of the draft or 10 years after the date of the draft, whichever expired first: 810 ILCS 5/3-118


... its says if a payment is made, the 10 YEAR clock starts rolling, which I think is ridiculous! That ratfink collector who said he was an attorney made it sound like I could not close on my house without paying that bill, literally 8 days before the closing. So it seems he could come back to haunt me until 2015. I am going to list the old debt even though I know very few exact details about it, just to cover my behind. Thanks, all, for your kind help!

[HHM]

Why wouldn't you list it? Since you are amending anyway, just list it.

[tcreegan]

Hi all,

jcj, ...they managed to file a claim... ...You still didn't have to pay, right? Didn't they just jump in w/ the rest of the creditors?

chicagoannie, cc debt is 'open account,' the statute of limitations should be 5 yrs

I did as tobee said, listed everyone I could find, sometimes the original creditor and 3-4 collection agencies/lawyer collectors. Better safe than sorry I figured.

BUT, if you do forget one, don't panic, don't pay anything, don't let them bully you into signing something, the courts have consistently held that unsecured pre-petition debt is discharged even if you forget to list them. Send them a copy of the discharge papers w/ case # and filing date.

Tom in Colo

[DebtHater]

SOL aside, I would list it. Even if the SOL has passed, and they decide to give you a call why have to go through that? Your filing anyway, list it, be done with it.

Besides, you're acknowledging that you owe the money. On the petition you must list ALL debts.

[jcj112562]

Hi all,

jcj, ...they managed to file a claim... ...You still didn't have to pay, right? Didn't they just jump in w/ the rest of the creditors?

Tom,

Yes, they did get to jump in with the rest of the creditors. There was a second claim that was filed, but not listed on my forms, another of those zombies from around 15 years ago. All in all, it was not too bad, since there were about 6 debts I did schedule that did not bother to submit a claim, so it was a wash. (This was a BK13, 100% plan, so the total payback I did was about 150 bucks more than I thought)

John

[HHM]

You can always object to a proof of claim. Also, on the petition, you can list a debt as disputed. Listing a debt as disputed only acknowledges that someone is saying they have a claim against you, not that you agree with them.

In the BK context, a debt being outside the SOL is a defense to paying in a chapter 13 or with assets from a asset chapter 7.

[tobee43]

i still say LIST It.....and again as hhm says...why wouldn't you????

i listed people that i didn't even own in CASE they thought i did...LOL!!!! (not really)...but if you don't cover yourself who will??

[frogger]

You should list it, however even if you don't, it will be discharged in your Chapter 7.

[dumpinmydebt]

I agree with HHM. You are already adding others. It is not going to hurt you to add them, so I'd just do it. It will at least give you some piece of mind.

I listed debts that I knew I owed but were not on my credit report. I figured, why not?