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Still with in SOL and deciding what to do...


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Dear Diary,

I have been working at this for a month and it is so up and down I feel like I'm becoming bi-polar! (OK just kidding). I'm looking at $30K of debt some of it 2 years and some 2 1/2. I haven't been working for 2 1/2 years do to illness. I'm better now but still not working. Fortunately (unfortunately) I have nothing worth suing for. I'm ready to start getting back on my feet but I need to put this behind me. I have some family members who are willing to help but not that amount. I really don't want to file for BK.

I'm hearing conflicting stories about California laws. In fact some attorneys here have been putting a lot of doubt in my mind.

I'm a pretty strong person. I've survived a lot and I know this isn't the end of the world by any means but I'm really wondering what to do.

My choices:

1) Try waiting it out under the SOL expires (in about 2 years)

2) Try and settle and pray that the OC's will work with me for a PFD.

3) File BK

:confused: :confused:

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Even when the SoL expires, you'll still be dealing with the effects of bad debt on your credit report for at least 2 more years. Chances are you won't make it beyond the statute of limitations, though. $30,000 is too much to let go, and judgments last for 10 - 20 years, gaining interest the entire time. They can sue you now and collect when you've recovered.

Bankruptcy is not the end of the world. If you've been knocked out of work for the past few years, you can likely declare Chapter 7, eliminate all your debt, and start fresh. If you wait a couple years, get a decent job, and then decide to declare BK, you might have to declare Chapter 13 and pay them back some percentage of what you owe.

I think BK is probably a good fit for you right now, but you'll have to make the final call.

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i totally agree with above poster...my brother had major illness...they hounded him to death even though he had nothing...after trying to negotiate and going through all the hoops he ended up filing bk....cleared all his debts, and was able to make a fresh start....no one here asks to be in the situation their in...fortunately bk helps restart a new life...hopefully a better one.

i recommend bk...chapter 7 now...before u rebuild and can loose what you have rebuilt...once bk is done..your on the uproad swing.

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My folks are thinking of giving me $10K to pay off the debt. Once again this leads me to "what if all the lenders refuse PFD". I know, I know there are many threads on this but how many people have gotten that on a $18K right off (that is the worst one - the rest are not so bad).

The damn attorneys yesterday rained down on the websites and said it won't happen and my credit will be more jacked up then before.

So where does that leave me? Stay tuned.....

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In court, ask for proof that they have the right to collect the debt. If they can't prove they own the debt, then, perhaps the judge will not rule in their favor, and no judgement will be entered. But, if a judgement is entered, and you can't aford to pay it, file for bankruptcy, then.

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I guess they realise I have nothing worth while. I guess the reason I'm confused is because I don't know which way to go.

Do I:

1) Try to pay these off (with out mucking up my credit more - hopefully PFD or something close).

or 2) File for bankruptcy and suffer the consequences of that for many more years.

It's a gamble. I know if I try to pay them off (OC's) I know I'll be awakening sleeping giants but I won't know until I know what the outcome may be.

I really don't like the idea of a bankruptcy. In a couple months I want to get back to work and I will not be able to be licensed (not drivers) with a BK.

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