Should I File BK Or Ignore Collection Agency
We have not made a payment on our credit card bills since end of 2001. We have no ability to pay off debt since it is over $50,000. We have several charge offs on our credit report already. There is not much stress in our life from collection agencies since we have simply ignored their letters and do not answer their phone calls since we have caller id. Since there is a statute of limitations on their right to sue and bad debts drop off after 7 years from credit report, is there any advantage to filing BK? We had intended to just ignore them and let this work itself out after 7 years. However after reading this newsgroup I am beginning to get the impression that our credit report might actually be better if we did claim bankruptcy. I would hate to wait 6.5 years and then have a collection agency sue and start this all over again. What is your opinion on this situation, should I file and get it over with, or wait it out?
If there is no possibility of your getting a job, having a bank account, or needing to obtain credit in the future, filing bankruptch doesn't make sense. Otherwise...
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