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If it has reached your states SOL for legal recourse I would walk away, also it can't report to your credit file because it has reached SOL time limit for reporting.
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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.
How long does a business have before turning the debt over to a collections agency?
The sooner you turn an unpaid debt over to collections, the better the chance of recovery. I would not suggest any debt over 3 years old. If it is a credit reporting agency, the debt will remain on the debtors credit report 7 years from the dilinqent date.
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 the debt is seven years old and pay off how can you remove it from your credit report?
Negative information must be removed from your credit report after 7 years. The 7 years starts counting from the date the debt most recently became delinquent. For example, if you took out a car loan on Jan 1, 2000 and made your payments on time until you missed a payment on Jan 1, 2004 then the late payment can be reported until Jan 1, 2011 even if you subsequently pay off the debt in full.
Can collection agency collect on a 20 year old credit card debt?
If they got a court order within 7 years of you getting the debt then they can but the amount of time and money they would have to put into it would make it impractical to do this unless you owe over $200,000. If they didn't get a court order within 7 years then the debt completely goes away.
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.
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 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.
How long before debt is cancelled in Louisiana?
7 years in the UK and you are no longer required to pay it
How much would each person on earth have to pay to pay off the US debt?
The current US debt as of June, 2013 is 1$6,787,451,118,147 and there are just over 7 billion people in the world. So if we divided the debt by 7 billion the amount each would pay is $2398.21.
How long does a business have before turning the debt over to a collections agency?
The sooner you turn an unpaid debt over to collections, the better the chance of recovery. I would not suggest any debt over 3 years old. If it is a credit reporting agency, the debt will remain on the debtors credit report 7 years from the dilinqent date.
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.
What happens to a collection account After 7 years to a collection account?
Typically, after 7 years, the debt becomes time barred. It would come off of your credit report. If you have had any contact with the creditor or collector within that past seven years, you could have re-affirmed your debt. This means the debt could start all over from that date, if you made any statements to the effect of being responsible for the debt in question. If it's been over 7 years, they can still attempt to collect from you, however you couldn't be sued.
If it's been over 7 years should you pay off an old credit card debt from a collection agency or just let it go?
I was told this by a lawyer. If you have an old debt that is older than a couple of years "DON'T PAY IT". Don't even talk to debt collectors and if you do never promise to make any type of payment. The reason- A debt is only reportable for 7 years from the terms of the original contract. Each time you promise to pay any part of the debt you form a new contract, extending the time that the debt can remain on your credit report. Paying a defaulted debt, or making arrangements to pay can not legally extend the reporting period for any debt. That fact is established by the Fair Credit Reporting Act. Under certain state's laws, however, paying or making payment arrangements CAN re-set the statute of limitations. SOL is the time period during which a consumer may be sued to recover a debt. This is likely what the attorney was warning about, not the credit reporting period.
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
