Drowning In Debt, NEED HELP!!!!
I have close to $20,000.00 in debt on two separate unsecured credit cards(Capital One $18,000 and AT&T Universal $2,000.00). I have not paid a dime on these cards in the past 6 years. I have not received any calls from collection agencies and my credit is the pits. I have $400-500 in medical/utility bills as on my credit report. And I also have $50,000.00 worth of federal student loans. I have total screwed my credit up and understand that I am fully responsible for this debt, but I am at the end of my rope. I have borrowed every dime from every relative and girlfriend I have every known and there are no more resources. I have been out of work now form the past 6 months with no light at the end of the tunnel. I have consulted one lawyer and credit counseling center to repair my credit and both have indicated to me that bankruptcy would be my only option. Does this sound correct? Or do I have another avenue? Are there any laws regarding how old the dept is and if so where would I locate this info? I have searched high and low on the WEB for any info/laws. I am in the process of hiring a lawyer to claim bankruptcy. If I claim bankruptcy and do not own anything, but the clothes on my back, what would they take?
I don't know much about it but I was under the impression there was a three year statute of limitations on debts. If you haven't paid or had any contact with your bills in over three years, you don't have to pay them. Does anyone else know about this? I would think you would have to live in a cave somewhere for collections people not to find and contact you. In the vast majority of Chapter 7 cases, you are able to keep all you have and wipe out your debt. (Please note that student loans are dischargeable only in cases of "undue hardship," a rather difficult standard to meet.)
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