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How to recover from long history of credit neglect?

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Joined: 11 Apr 2007
mvfriar's page
Posts: 1

39 Magic Points

Subject: How to recover from long history of credit neglect?
Posted on Wed Apr 11, 2007 8:01 pm  

I'm a father who's helping his daughter try to recover from years of bad debts and foolish spending (partly driven by her bipolar disorder). She's finally realizing what a difficult situation she's in and needs to declare bankruptcy. Seems like a long and difficult process.

I wonder if others have been in this situation and managed to clear things up. What are the pitfalls she faces? How does she track down debts that are years old? Any help would be appreciated.


Posted on Sat Apr 14, 2007 5:55 am  

request a new credit report and contact her creditors to set up payment arrangement do not declare bankruptcy this will only make things worse even if the creditors give you minimum payments pay only what you can afford they have to accept whatever you can offer

Joined: 23 Feb 2007
stanley's page
Posts: 54

3357 Magic Points

Posted on Mon Apr 16, 2007 11:11 am  

Debts lose its legal enforceability once these are over the SOL limit. In other words, no one can take legal action against you on a past-SOL debt. By paying a single penny to such an account you restart the SOL clock. So be cautious while paying the old accounts, check your state SOL limit and then decide your next steps.

Most negative items get off your credit file in 7 years. Hence you may ignore the accounts that are close to the 7 year span.

Are you getting annoyed phone calls from collection agencies and creditors? Or it is just your moral obligation that makes you worried. BTW, which state are you from?
BTW, I am not a lawyer, I am here to share what Life has taught me.

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