bankruptcy question

[ronss]

What is the name of your state (only U.S. law)? az

i have 23,000 debt.. , just got a $13 dollar an hour job today

talked to a credit counselor, she suggested bankruptcy...but for $400 more than uneployment , i could pay it off in 4 yrs.

thats fine, but i need schooling to change careers , i cannot keep going in the one i have now because i am 59....

so if i decide on 1.5 yr schooling, these creditors, have not been pain i 6months, where not receive nothing in 2 yrs

can i go to school and not be harrassed by these credtiors,,,,i am scared they could do something legally to me?

 

[justalayman]

can i go to school and not be harrassed by these credtiors,,,,i am scared they could do something legally to me?

they can most likely sue you for your debt. Without knowing more about the situation, I cannot say for certain if they can or can't but I presume they can. If the statute of limitations is coming near, I would expect the suit sooner rather than later.

 

[ronss]

well, i had joined debt settlement program, that lasted jan and feb, and got laid off..so that canned...its probably 7 months now since they have been paid, all of my credit card debt probably went to collection agencys...

i was off work from march 1 to today, when i got hired...

i have told everyone i have no job, no assessts...most have not harrassed me ,,just one.....i kept telling them i have no job....

how long will they go until they sue? but my future job change is number one priority, since i am getting too old for certified nursing assistant work...just too hard on my bad knee...

i am not sure what to do ,,,,and sueing is probably going to come....maybe i should do bankruptcy,,,,,i just don,t know about debt settlement...what i have heard has not been good about that.....or maybe i can call each creditor and agree to pay back half...if they will let my make payments...i am trying to avoid legal problem...i have no assessts, live in an apartment..

 

[justalayman]

how long will they go until they sue?

I don't do "psychic" and that is what it would take to give you an answer. It is entirely up to the creditor when they would take any action or if the will take any action.



The thing is, the creditors have no requirement to accept a debt settlement proposition. If the do accept a debt settlement, you can just about guarantee it will be based on a full payment. Other than that, what would be the benefit of them accepting a negotiated payoff. If you aren't going to pay it off now, they might as well keep trying to get the full payment.

In all reality you are not a good candidate to sue. No assets, near the end of your working life, limited career options. Even if they sued, they may never be able to collect so they may just not sue BUT there are no guarantees in life.

 

[ronss]

i could see a bankruptcy lawyer,,but would they not be biased toward a bankrutpcy, and not toward my best interests

is there not a stature of limitations in arizona before i can be sued...i could possibly save up 10,000 dollars, and try to settle the debt in that period of time in a settlement for 50 per cent, and would that not be better than bankruptcy.

 

[justalayman]

i could see a bankruptcy lawyer,,but would they not be biased toward a bankrutpcy, and not toward my best interests

is there not a stature of limitations in arizona before i can be sued...i could possibly save up 10,000 dollars, and try to settle the debt in that period of time in a settlement for 50 per cent, and would that not be better than bankruptcy.

Yes, there is a statute of limitations but not knowing what the debt was from, noway to advise you as to the appropriate SoL. As well, there are often tolling statutes that stop the running of the SoL for a variety of reasons so saying eh SoL has run after X number of years without all the info is only a best guess.

you can try to save the money and pay it off but realistically, that can be just as harmful as simply filing bankruptcy a lot of the time. You have to figure your credit is already in the dumper so filing BK can do much more harm.

A BK attorney might push to BK but ultimately is it your decision and before making that decision, you talk to and ask questions of the attorney and anybody else you can think of.

 

[ronss]

thanks for the suggestions... its credit card debt, unsecured....

Statute of limitation for credit card debt collection, all 50 states

so it looks like i got 3 yrs before they can sue me in arizona from the date of last payment?

 

[justalayman]

more specifically, from the date of first delinquency, which would be the first date you failed to make a required payment. In other words, if you paid Sept. payment and failed to make Oct payment, the clock starts running when Oct payment was due.