Statute of Limitations: DOFD or DOLA ?

[shark66]

I thought I would just update this...

As of today, February 1st, 2012, all of my remaining old defaulted debts are now beyond the SOL. I thought some of them might try a last minute Hail Mary sneak attack lawsuit, but I just checked the Maricopa County court website for my name and date of birth, and there have been no lawsuits filed against me.

It is over.

All of my remaining debts are now time-barred, and a simple affirmative defense would stop them dead in their tracks if they tried to pull a fast one on my.

The one tiny judgment has never been domesticated in my state. This is a grey area for me, but I think it is also dead because they failed to domesticate it in Arizona and renew it with the 5 year Arizona SOL for judgments.

Congratulations on winning a match extremely well-played throughout.

You should now be promoted into the status of "BK Forum Living Legend"...

Good luck to us all.

[GoingDown]

[treehugger1]

Yes, I congratulate you on hanging in there! What a way to do a "chapter 7." LOL

I still have about 12 months for my remaining debts to all be time-barred.

On an upscale note, I checked my credit scores yesterday, and I am now back in the 625 range. I'm not sure why the rise in score. I still have two unsatisfied judgments, a short list of collection accounts, and the wage garnishment for student loans reporting. Perhaps time is beginning to add benefit.

[HHM]

I'd be interested to hear how you think waiting it out benefited you over simply filing chapter 7 or chapter 13 bankruptcy. I have yet to hear a story where a person doing this is "actually" better for it versus the alternative. (they may think they are better off, but when reviewing the numbers, its usually very difficult to justify the "wait and see strategy.")

Also, keep in mind, just because an account is time barred, doesn't mean collection efforts stop, but as with most things, as time passes, it becomes less of an issue.

[GoingDown]

I'd be interested to hear how you thinking waiting it out benefited you over simply filing chapter 7 or chapter 13 bankruptcy. I have yet to hear a story where a person doing this is "actually" better for it versus the alternative. (they may think they are better off, but when reviewing the numbers, it usually very difficult to justify the "wait and see strategy."

Also, keep in mind, just because an account is time barred, doesn't mean collection efforts stop, but as with most things, as time passes, it becomes less of an issue.

To be honest, I probably would have been better off waiting just long enough to avoid adversarial proceedings, and then filing chapter 7 bankruptcy.

In the long run it would have freed me up from the debts and let me move on with my life much sooner. The money saved by not filing bk pales in comparison to the opportunities which were lost during the long waiting period for the SOL to expire.

A lot of this has to do with family upbringing. My parents railed and fought against everything,, and were about as close as one could get to being like backwater hillbillies in the woods in Oregon, and it rubbed off on me.

It's over now, and it has been an interesting experience. It taught me how to live without credit and how to live within my means, and for that I am grateful. May I never again use credit and get into this kind of trouble.

[jacko]

I second that. Everyone's circumstances are different. In my case, I owe my previous state's taxing authority some serious dough. Their collection efforts have been quiet lately after seizing my checking account of hundred or so dollars plus the remaining unused cash in my IRA. The IRA ETF's were left alone Only Crap One and my former HOA has a judgement. There is no reason to file if I owe back taxes. I would be out $2000 for filing. My Credit report with a foreclosure has caused pause for the other creditors from suing. Have past the half way mark to SOL. I make to little money to be worthwhile. Plus I have no health insurance. Not gonna wait for another 8 years to be eligible to file again. My BK is my trump card. Also, do not have a land line in my name, so no more annoying calls. With no credit, I have more cash on hand set aside. I have learned to say no to unnecessary spending. Once I have a satisfactory cash cushion, I will seek a 'Offer in Compromise' with the taxing authority to settle.

I have noticed that some who have filed, have become obsessed in seeking to rebuild their credit score after discharged by applying for CC's once again and taking out high interest auto loans thinking that their credit will recover quicker. They took the easy way out and have not learned anything.

[TrainWreak]

Without writing a biography I want to say I payed my bills to perfection until I couldn't then I filed 13. My commendations to all the hard work you do to stand up for your rights as human beings when no one else will!