I have not paid my credit cards for over 4 years

[DYLAN150]

It's been over 4 years since I stopped paying over a dozen credit cards accounts. ( over 100k in debt) Only one creditor filed a lawsuit against me and they dropped it after I sent them a declaration of income and assets exempt from garnishment. My last phone call was over 2 years ago and basically have not heard from any of them for a long time. Six of the major banks sent me 1099-C's. I still have 2 years unit I reach the 6 years SOL mark. I wouldn't say I am home free but it's getting close. Credit scores are still low, all about 640 or so.

[AngelinaCat]

Whatever you're doing it looks like you doing it right. Just don't be surprised if you get hit with some junk debt buyers.

[treehugger1]

At this point you are probably free from further action, however, those last two years to SOL can be trying. However, I just had the last of my debts pass through the SOL period. I still have a few of the debt buyers showing the debts on my credit reports, but even they are beginning to drop off. Scores are back in the low to mid-700's but I expect they will climb quickly as the 7 year reporting of my derogatory accounts begin to vanish. I will have another 8 derogatory/charged off accounts drop from my CR's by August. I noticed that my first two judgments are gone from my credit reports and they did not even go to 7 years. I can't explain that unless they fell off at the same time the original creditor dropped off the reports. I am not sure one could walk away now as many of us did between 2006 and 2012 and not see more lawsuits.

[joshuagraham]

Is there any reason you haven't filed Chapter 7?

[keepsmiling]

BK is a wonderful tool, but it's a cannon. You don't fire a cannon when a pistol will do. For some, that pistol is to do essentially nothing. Sometimes it solves the problem.

For a few of us out there, BK doesn't help if you aren't in a better position afterwards.... ie, able to make more money, stop a lawsuit or foreclosure... and it leaves you unable to file in case of a major emergency for a pretty long time (major medical debt for example). If there is literally nothing for them to take and not much in the foreseeable future... such as for the OP... then it may not be worth the cost and/or paperwork to bother.

Some would argue that it's worth filing regardless, just to clear the slate. I would argue differently, saying that it really depends on one's individual circumstances.

[josephga]

I stopped paying on mine over 5 years ago. I only had one card citi bank with just over 22.000. Was with them 15 years when I had to stop paying on mine due to some health issues. I received a few calls the first year. then nothing until year 3. more calls which i stopped with a letter to them. last time i heard anything i was like a year ago. As of today i have 8 months left until sol is up..