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What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?
Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not true. Statute of Limitations laws for debts are enacted by states, some concerning open accounts (such as credit cards), can be as short as three years.
Would i still be liable if I don't pay on an unsecured debt after chapter 7 bankruptcy?
You should not have paid any unsecured debt after the chapter 7 was filed. All unsecured debts were discharged. If you made the mistake of continuing regular payments on an unsecured debt after filing, you may have reinstated the debt. If in doubt, consult a local bankruptcy lawyer.
Does your credit card debt fall off after 7 years automatically?
No. If you wish to redeem the debt you need either to go bankrupt (legally) or enter into an arrangement to pay off the debt. If you livew in the UK go and see the Citizens Advice Center to help you with this.
If a chargeoff is removed from your credit report after 7 years do you still legally owe the money?
Perhaps. It would depend on the type of debt and the laws of the state in which the debt was incurred. It could very well be that the SOL has expired and the debt is no longer valid.
How much can you earn in Illinois and file chapter 7 bankruptcy?
In Illinois, Chapter 7 eligibility requires that one must not be able to pay at least $6,000 over the next five years, or $100 per month, to unsecured creditors after expenses. Chapter 7 will likely be denied if one can pay at least $10,000 over five years, or over $166.67 per month. If one can pay unsecured creditors between $6,000 - $10,000 over five years, then Chapter 7 will be decided by a mathematical calculation. If one can afford to pay 25% or more of the unsecured debt, then a Chapter 7 will likely be denied. If one can't afford to pay 25% of the unsecured debt, Chapter 7 filing will likely be successful.
Is it better to pay a five year old collection or just wait seven years?
Wait the 7 years. This is why. When you pay on an old debt like that the file starts all over again and even though you paid it its still a bad debt it will not help your credit any.
How long before debt is cancelled in Louisiana?
7 years in the UK and you are no longer required to pay it
How long did an indentured servant work for?
An indentured servant typically worked for 4 to 7 years to pay off their debt or passage to the New World. Once their term of service was completed, they were granted freedom and sometimes land.
If a debt has went off your credit report do you still have to pay the debt or has it reached the SOL?
if it was a judgment they can collect it for 10 years in most states and they can renew it as many times as they want for another 10 years if it is not and judgment then in most cases depening on where you live it is 5-7 years then SOL comes into play.
If a debt was held exempt from chapter 7 but was not reaffirmed do you still have to pay?
Yes. The debt remains valid and collectible by whatever means the creditor chooses to implement.
What if you get a job before you file for bankruptcy but need to take it to pay your reaffirmed debt Can you still file for Chapter 7?
Yes.
What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?
Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not true. Statute of Limitations laws for debts are enacted by states, some concerning open accounts (such as credit cards), can be as short as three years.
Do you have to pay a charge off account from 7 years ago?
As a debt collector, I would say, "wouldn't you want to pay your bills?" However, a debt that is 7 years old is generally out of its legal statues, so they could not sue you to collect, nor would it be legal for them to make threats of suing you. If they make that mistake, the could end up having to pay you!
Can a debt collector ask you to pay for a credit card debt that is more thn 7 years old?
They can ask you to do whatever they want...If you do it, then that's on you. They will keep the debt active on your credit report which resets the clock on the seven years and etc..., etc. etc, to infinity.
Do you still have to pay a store card debt after 7 years?
The statute of limitations per the FDCPA (Fair Debt Collections Practices Act) is seven years from the date of last payment. In that time, if it becomes clear to the creditor that you will not have paid off the balance owed, they will very likely obtain a judgment against you that will extend this to ten years from the date of the judgment.
What happens after 7 years of debt?
After 7 years of debt, the debt will be wiped off a persons credit report. There are some instances that certain types of credit will stay on the credit report for up to 10 years.
What if you weren't aware of a debt and they contact you after 7 years?
You are no longer obligated to pay the debt - at this point the hospital has certainly written off the debt - If you had insurance and they failed to bill them - you are in this case not obligated as well - the provider has about 18 months to submit the bill to the correct insurance - if they fail to do so- You are not obligated to pay the bill
