i heard this is true how does it work?
2007-03-13 19:51:13 · 8 answers · asked by kim chi jigae 2 in Business & Finance ➔ Credit
No, it will drop off your credit report, but the statute of limitations for each state vary. You could still be sued for the debts owed if the statute of limitations is longer than 7 years.
2007-03-13 23:18:57 · answer #1 · answered by Mariposa 7 · 0⤊ 0⤋
I think you are confusing it with the 7 years your credit information is kept for. That means that if I had some problems paying off your credit more than 7 years ago that won't be on your credit report. Your bankruptcy information is kept for 10 years. But it doesn't mean you can get away with not paying off your credit at all. Even if you hide somewhere for 7 years.
2007-03-14 03:48:33 · answer #2 · answered by Shirrwood 2 · 0⤊ 0⤋
If you leave the country, the collecting SOL will stop running until you return.
And in this day and age of information, the collection agency will probably know when you are returning and have a process server standing at the airport gate to serve you a legal summons.
2007-03-14 06:18:06 · answer #3 · answered by echo 7 · 0⤊ 1⤋
Unfortunately, this country does not work by the "Year of Jubilee" , in which your debts are cleared after 7 years. I think you would probably be in trouble for skipping out on your debts.
2007-03-14 02:55:32 · answer #4 · answered by C J 6 · 1⤊ 1⤋
hey mabye. see what the statute of limiations is on collecting a debt - mabye they cant come after you anymore for anything or post bad stuff on ur credit report!
2007-03-14 02:59:09 · answer #5 · answered by lady26 5 · 1⤊ 1⤋
Ahem, why don't you do yourself a favor and clean the bad credit up on your own
2007-03-14 02:54:35 · answer #6 · answered by Tiger by the Tail 7 · 1⤊ 1⤋
No, it will be waiting for you when you return. Besides, if you can't pay your bills, how are you going to get out of the country?
2007-03-14 02:56:32 · answer #7 · answered by Anonymous · 1⤊ 1⤋
No, it's not true.
2007-03-14 03:00:05 · answer #8 · answered by penhead72 5 · 0⤊ 1⤋