Is Bankruptcy still the answer?

[conman3741]

The statute of limitations has run out on my credit cards that I owed on. My question is, would it still be beneficial for me to file for bankruptcy? If anyone has any knowledge on this that could help me I would greatly appreciate it.

[kornellred]

Why bother filing for bankruptcy? If any creditor sues you, just go to court and tell the judge that they missed their opportunity. Then your education (and the creditor's) will begin. Let's see if you can live up to your "handle", conman3741.

[conman3741]

Thanks for a totally pointless and jerkish answer kornhole. You just repeated information I already know and stated in my question.

Also a user name is just that a name, not a designation in life.

[HHM]

To be fair "conman", you haven't given us much to go on.

No one "needs" to file BK, it is a choice.

The issue comes down to "your" goals. If you really want to put this debt behind you and bring certainty to the status of the debt, then you file BK.

If you don't file BK. regardless of the statute of limitations, it is likely that some debts will remain in collection, you could possibly get sued, forcing you to go to court to "raise" the statute of limitation defense (if you don't, the creditor gets the judgment). You will likely need to continually dispute items on your credit report to recover (assuming you even can recover, at least BK gives you a "certain" starting point). If that is the life you want, then don't file BK.

[conman3741]

If we're being fair and I've given much to go on, there should be no confused answers that give no information and why be so obsessed with a username?

I also never questioned if I "needed" to, of course it's a choice and so far, I've chosen not to. I just wondered what the benefit would be if the creditors can no longer collect from me.

You did give me some info "HHM", so thank you for that.

[HHM]

If you already made the choice, then why bother asking.

[conman3741]

As stated, so far that's been my decision. As with most questions, it's about gathering information. It was a hope that people who have been through something would have more knowledge and information about it than I do. So far, just seems they're mostly jerks and basically just rude.

If there is anyone that would care to share a similar situation I would greatly appreciate it.

[kornellred]

Looks like you have managed to con yourself pretty well, conman3741. You won't get many answers on a bankruptcy forum for your question, because hardly anyone has ever gotten away with outlasting the statute of limitation protocols, which are different in character and duration from state to state. There is no way to verify if you have inadvertently "reset" the clock by some casual action you might have taken in the past - you don't get congratulatory messages in the mail informing you that you are actually off the hook for specific debts. Bankruptcy removes all uncertainty pertaining to such matters.

If you decide to file for bankruptcy, you will essentially be affirming your indebtedness. Your creditors (the ones who bought the original debts) can file a claim for the amounts owed that they could not sue you for due to the statute of limitations. Don't file. Just wait and see if anyone tries to sue you.

And hey - I'm a con man too. I managed to con 100 grand from creditors by way of my two (!) bankruptcies, the latest of which I will be finishing up with in three months.

[btbeme]

The biggest problem with a Statute of Limitations is that it is up to YOU to pursue that angle. A creditor and a collector will typically keep on blindly doing whatever their computer screen tells them to do until such time that they lose a court battle because they are wrong. And then they will sell the debt and you get to start that throw-down all over again with a new set of clowns at the same circus.

Getting harassed by creditors? Tired of the battles (they are usually Pyrrhic victories at best)? Need an improved credit report in the next few years rather than an endless cycle of collections? That's a BK...if it fits all the other ways, too.

My two cents. Because you asked.