The truth is many folks are bankrupt and it can take a long time before they are prepared to file; months or many years.
I was speakng with a friend of mine who advised me to keep copies of credit reports; especially a clear accounting of when the account was in default. In addition the major unsecured creditors report the chargeoff date within a month or so.
Why is this important? Well, it could be that it might be years until you declare a BK. So many years, such that the SOL will be close to expiring before any legal action is attempted against you. Keep a clear record of reporting times by the CRA's. You might need this "evidence" sometime in the future.
I was speakng with a friend of mine who advised me to keep copies of credit reports; especially a clear accounting of when the account was in default. In addition the major unsecured creditors report the chargeoff date within a month or so.
Why is this important? Well, it could be that it might be years until you declare a BK. So many years, such that the SOL will be close to expiring before any legal action is attempted against you. Keep a clear record of reporting times by the CRA's. You might need this "evidence" sometime in the future.
Comment