ments. I'm in no hurry and am making sure to to cover all Statutes of limitations. Any suggestions? (see my orig. quest.)
please spare me any soap box/high horse responses.
2007-11-04 12:09:47 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The statute of limitations doesn't begin to run until your last payment. So if you don't stop paying for 14 months, then it doesn't start running until after that 14 months. I'm sure you think you've had these debts long enough that the statute should have run, but guess what? You've been paying all this time, the statute hasn't run!
2007-11-05 03:51:48 · answer #1 · answered by Lesley 5 · 0⤊ 0⤋
If I understand you correctly, your plan is to run up debts as high as you can, then just stop paying on them.
OK, there isn't debtor's prison any more. But what you do might be pretty obvious, and you could be charged with fraud. Plus what are you going to do with all those purchases? If you transfer them to someone else's name, the transfers could be declared fraudulent. And if you keep them, they can be seized for the debt if a court judgement is entered.
Not to mention that your chances of getting credit in the future will sink to an impressive low.
All in all, a very BAD idea if you expect to live much past the time you just quit paying on everything.
2007-11-04 12:45:02 · answer #2 · answered by Judy 7 · 2⤊ 0⤋