I have ran away from all the bills I owed in Indiana. I had a house that foreclosed, credit card bills, hospital bills, an additional loan, property taxes, overdrawn checking account, you name it, I had it. I was wondering what will happen to me. How many years do I have to stay in hiding, or do I have to stay in hiding forever? I don't have a job. Is there a limted time that one can file for bankruptcy?
2007-05-19 10:23:18 · 8 answers · asked by PartyDoll 1 in Business & Finance ➔ Personal Finance
You cannot hide forever.
Bankruptcy is different since 2005. Credit card bills don't go away anymore.
They can't put you in jail unless its a tax debt. They can obtain a judgment against you in court, but the judge has no power to collect the money if you don't have a job or any real property.
Credit reports can stay negative forever, if there is a judgment or bankruptcy, but, at this point, your borrowing power is pretty much shot.
If you come clean, the creditors will hound you until you pay up or file Chapter 7.
The best thing is to either file now or ride it out for 7 or 8 years. Don't wait a few years and then file, that way it will only take you longer to get out of the whole.
Lottery Tickets are like morphine for the pain. They don't ever cure things, they just make you dizzy for a while.
Cut out the dreams and look for a more stable reality.
2007-05-19 11:10:59 · answer #1 · answered by TD Euwaite? 6 · 0⤊ 0⤋
You are in a little financial trouble, but you can start to fix it, too. First, the bills and problems will follow you and they will track you by your social security number and credit checking companies. The foreclosure will remain for at least seven years maybe ten. The property taxes may or not catch up with you. Hospitals will work with you and a monthly pay back, if you try to pay say forty a month. Honey, you can not hide for ever any more. You may need to file bankruptcy, this will get the creditors off your back (as soon as you have a case number, they can not harass or contact you at all), and some of the bills (like the credit card bills), just disappear. It allows you a fresh start, but remains on you credit report for ten years. We live in a time where even getting a job, power, or rent, requires a credit report check. Your first step is to realize you can't run. Next get a job, and talk to a bankruptcy lawyer, initial consultation might be free. I'm coming out now three years, you can make it. But don't run, it is scary, but you can make it. Please try.
2007-05-19 10:40:19 · answer #2 · answered by Nifty Bill 7 · 1⤊ 0⤋
Bankruptcy is so you can start over, but it won't be easy. After a BK you'll pay higher rates for car loans or need to get secured credit cards at higher rates. But none of the bills will just go away, some can try to sue you to collect judgements etc. The sooner you talk to a lawyer about the bankruptcy, the better.
2007-05-19 10:46:05 · answer #3 · answered by bathagent 2 · 0⤊ 0⤋
you can file for bankruptcy, but then you'll have to wait approx 10 years to be able to do it again.
Worse case scenario since you left your house, IRS might come looking for you for some debt owed,and also you will end up with bad credit and wont be able to get a loan for a new house, car, anything. And you also might have problems looking for an apartment or someplace to rent, because the check your credit also
2007-05-19 10:34:00 · answer #4 · answered by Lilkryptonite 4 · 0⤊ 0⤋
Usually four years on credit. But there are potential criminal charges, like bank fraud, which is seven years. You can file for bankruptcy any time that you wish. Try talking to an attorney at Legal Aid.
2007-05-19 10:29:27 · answer #5 · answered by regerugged 7 · 1⤊ 0⤋
Did you say property taxes?
You will be arrested by the FBI and charged with tax evasion.
I strongly suggest you pay all your taxes as soon as possible.
The crime of tax evasion is very serious and if you are convicted you will be sentenced to decades in prison.
2007-05-19 11:44:14 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Well darlin, they will find you...good luck! Yu should just face the music and deal with it, it will be soo much easier on you.
2007-05-23 10:12:33 · answer #7 · answered by Pepper 6 · 0⤊ 0⤋
Those debts are still yours, moving changed nothing at all.
Why did you steal all that money from innocent people?
2007-05-19 10:26:59 · answer #8 · answered by Anonymous · 2⤊ 1⤋