When Do TL Fall Off?

[mikeandjenoh]

We are considering bankruptcy Chapter 7 because of a ton of medical.  Many of the CC's DOFD were in 2004-2005.  My question is, will these TL be able to fall off in 2011-2012 or will it be 7yrs after discharge?

Also, does it make a difference if they are OC or CA?

Thanks In Advance,

Jen

[laz98]

2004 or 2005...it's already been 5-6 years, why not just wait til the 7 years are up?  then the accounts will fall off (CA accounts fall off 7.5 years after DOFD) & you can move on.  they can still try & collect from you, but you probably wouldn't be legally liable for those debts.  i wouldn't file bankruptcy now, personally, since you've already suffered so much damage to your credit.  & i know there are 2 different types of bankruptcy...i believe one stays on your reports for 7 years, & the other stays on for 10.

[MarineVietVet]

Chapter 7 remains for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

[mikeandjenoh]

Actually, we will have 50k worth of medical that is from 2005, 2006, 2007 that will still be left out there.  We have actually decided we would hold off on the bk as long as the medical or none of the CC's decide to get a judgment.  We live in Ohio and the SL here is awful.  All of the medical and CC was in NY but since we now live in Ohio, the SL here is what would come into play.  I am keeping my fingers crossed that they do not force us into bk.  So, all of the CC's and car repos that incurred when my hubby had his first heart attack 2004(we had insurance but, he lost his work) will be falling off.

Thanks for your help!

[laz98]

i don't believe the statute of limitations (SOL) follows you.  if you incurred the debt in NY, then it should go by NY SOL.

[scrubs]

not true. dofd, can not be changed because of bk. i file in march of 09 and was discharged in  july of 09, i had at least 5 accounts that was taken off because the 7 years has pass. americredit was taken off of march of 2010 and next year two more neg. accounts will be taken off and after that one more will be left on my cr - verizon.

[scrubs]

oh, one more thing, all of theses accounts were included in bk.

[Anonymous]

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@laz98 wrote:
i don't believe the statute of limitations (SOL) follows you.  if you incurred the debt in NY, then it should go by NY SOL.

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The OP could in theory be sued either in Ohio or New York, but generally speaking they sue one in their home state.

An Ohio court would very likely adhere to the Ohio SOL.

[Anonymous]

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@mikeandjenoh wrote:

Actually, we will have 50k worth of medical that is from 2005, 2006, 2007 that will still be left out there.  We have actually decided we would hold off on the bk as long as the medical or none of the CC's decide to get a judgment.

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If you qualify for a BK7, and most do, a 2005 collection even if it's IIB would drop in 2012/2013, even if you filed BK7 today. Without knowing all the particulars it's hard to come to a conclusion, but a BK7 filing looks like it could well be a good option for you.