Someone told me that since I haven't made a payment in like 2years to just leave it alone and it will be erased after a certain period of time. Or should I go bankrupt and get it dealt with so I can start fresh?
2006-11-16 02:51:14 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
everything is cleared after 7 years. i think it is dated from the last date of activity. like if you make a payment tomorrow, the 7 years would be up 7 years from tomorrow. if you haven't made a payment in 2 years, you still have 5 years left.
2006-11-16 03:41:28 · answer #1 · answered by saveit 4 · 0⤊ 0⤋
I believe someone told you the wrong information.
Truthfully speaking, just because you do not pay bills in 2 years does not mean that it "goes away." Your credit becomes more delinquent and the creditors can sue you or freeze your assets if payments are not made over time.
If you do claim bankruptcy it does not mean that you do not have to pay them back either. You owe them regardless because you should always back back money you borrow.
Check out the links below:
http://money.howstuffworks.com/credit-report.htm
http://money.howstuffworks.com/bankruptcy.htm
http://money.howstuffworks.com/question714.htm
If I were you I would contact the creditors that you owe money to and ask if you can set up a payment plan.
Also speak to an attorney and get legal advice on your rights. The more you know the better.
If you continue with not paying your obligations you will forever be in debt!
Hope this info was helpful to you.
God Bless!
2006-11-16 11:41:39 · answer #2 · answered by ye 4 · 0⤊ 0⤋
Bad credit will stay on your credit record for 7 years. A Bankruptcy will stay on for 7 to 10 yrs. Since the bill is only 2 years, you could pay it and have it shown as paid or roll the dice and hopefully it will fall off in 5 more years. It's up to you, if it's a huge amount consult an attorney or credit counselling company.
2006-11-16 13:14:37 · answer #3 · answered by Carrie H 3 · 0⤊ 0⤋
That debt might get written off by the company you owe it to, but more likely they will turn it over to a collections agency. That means people will be calling you for it, asking you to pay it, etc.
It will also affect your credit rating. Either you won't get credit because lenders will see that you didn't pay your bills, or you'll get a higher interest rate. Either way, you will have a hard time buying anything major, like a car. You can just about forget about buying a house.
Your best bet is to pay them back. If you go bankrupt, you'll have a hard time getting credit for years. It'll be faster and easier to be an adult about it, and honor your promise. A contract is a promise, after all.
2006-11-16 11:01:30 · answer #4 · answered by Ralfcoder 7 · 0⤊ 0⤋
It takes 7 years.
2006-11-16 11:00:03 · answer #5 · answered by Ra_shunda 2 · 0⤊ 0⤋
i think if im correct if you havent made payments in 2 years that will hurt your credit. i think it will be there forever i think. now if you do claim chapter 7 it will hurt you for at least 5-7 years.. thats what i last remember. i had a friend that did chapter 7 and she she could do anything for 7 years...
2006-11-16 11:02:03 · answer #6 · answered by mjcchef16 2 · 0⤊ 0⤋
perhaps you should check out your credit and where it is currently
https://www.annualcreditreport.com/cra/index.jsp
this are free test mandiated by the us government
2006-11-16 13:03:41 · answer #7 · answered by blur b 3 · 0⤊ 0⤋