If I can just make it to 2011...

[tobee43]

It depends on how attractive you look on your credit report and other asset reports, and your income, for the most part. It helps to have your creditors all out-of-state and all your debts over $15K (meaning no small claims court suits).

All of my assets and income are exempt, and have been for the last five years. I just past the five year point where I suddenly went cold turkey on paying all my creditors - it was like I fell off the edge of the earth to them, after a spotless credit record for over 40 years. I have never spoken to a creditor on the telephone in that entire time.

So today, around $200K debt, nine accounts, all CC, and no lawsuits. One more year to reach the Statute of Limitations for all accounts, in which case they can still sue but I will get the case dismissed with an SOL defense. All my debts are with Junk Debt Buyers, in many cases the 3rd or 4th JDB.

Very few here are in my situation, or managed to hit the black hole of finance just before retirement like I did, so don't assume it will take 5 years. A job and real assets can make you attractive for a suit in 6 months or less.

impressive...i'm especially...surprised ...even at myself for NOT thinking about your first point...superior court claims are more a pain for any creditor...duhhhhh??

[merime]

Citi was the first to sue me and I live in NC. I am saving to hire an attorney, but have a court date with Citi Jan 31. I hope to be able to retain a lawyer by then. Best of luck.

[flyinbroke]

I think Bank of America will be the next suit; they sent it to the law firm Citi used. I am preempting with arbitration initiation.

[tobee43]

I think Bank of America will be the next suit; they sent it to the law firm Citi used. I am preempting with arbitration initiation.

we taking bets here...??? who's going to be first boa...the RATS or Citi the SNAKE??

[flyinbroke]

we taking bets here...??? who's going to be first boa...the RATS or Citi the SNAKE??

LOL, Citi was the first. I got this one nonsuited because I used arbitration before they sued. Suing after arbitration is a big no-no and they may be scraping doody off their shoes for stepping in this pile.

BoA is now using the same law firm who stepped in doody the first time. I made sure to get a VoD with the arbitration election bolded. This one should be interesting...the last CA who had this account was never able to get any validation to me and settled with my atty out of court.

[jacko]

I just past the 2yr mark myself on a dozen or so cards. Only Crap 1 has sued and have yet to get a penny from me. I recently moved to a state with a three year SOL. Could I claim the 3 yr SOL?

I'm pushing 3 years for a few of my accounts. These have not filed suit yet. Although, they are owned by junk debt buyers who are headquartered in a state a long way away.

[treehugger1]

Chiti comes up a lot on the BK threads. If you take a few minutes to explore what is happening with Chiticorp, then you will understand that they are perhaps deep, deep in the goo of mortgage loans, mortgage backed securities, derivatives, etc. I think they need all the cash they can get their hands on (like billions of dollars yesterday). I believe they were partially bailed out by some mid-east investors. Well, it currently appears that the UAE,etc have their own financial problems. Hence, roll the dice, sue, and maybe you will get some money. What an incredibly stupid business model given the economy!

Bottom line is that I believe chiti will sue. They sued me, and I live in the middle of nowhere. I also had wages as assets, but they have not bothered to file for a writ of garnishment. I don't think they will. I think the judgments might be allowed to add to their "accounts receivable." Perhaps actually collectign on the debt is not that important? Just guessing.

[GoingDown]

I just past the 2yr mark myself on a dozen or so cards. Only Crap 1 has sued and have yet to get a penny from me. I recently moved to a state with a three year SOL. Could I claim the 3 yr SOL?

Crap1 was the only one that sued me, too. And like you, they have yet to get a penny from me, too.

As for the SOL, I would definitely claim it, but they might argue that the SOL for your previous state applies, and then it is up to the judge to decide. I have heard of these cases going either way, so it is worth a shot to claim the SOL just in case.

At the 2 year mark, I noticed a great deal of quiet from the debt collectors. I think most of those older accounts get put on the back burner, while they wait to see if your situation improves (usually by passively monitoring your credit report for any evidence of new activity like buying a new car on credit, or applying for a mortgage, etc.) and if nothing improves, these old debts make their way to the zombie junk debt buyers, who just seem to be sitting on them quietly at the moment for me.

[Jammed]

I havn't paid any CC for about 1 1/2 years now. My hubby was sued by Chase on 3 accounts at about the 1 year mark. The other collectors we've held at bay with DV/C&D letters. You should be able to make it until Jan. Even if a creditor decided to sue you now, a court date would still need to be set which should get you to Jan. Good luck!