jaguls66 wrote:
All of them are bad, not paid off. except the Child Support. I am in AL and the SOL is 3yrs i believe. Only have 1 that I may be able to rescue on revolving before collecions gets it, I am trying to work something out with them now. I have opened 1 secured 300 CC, and another before long. Maybe next month.
Seeking clarification. So all 4 of these are bad?
Revolving Accounts
1-New-CC-TU
2-2yr-CC-TU,EQ,EX
3-6yr-CC-TU,EQ,EX
4-6yr-CC-TU,EQ,EX
SOL in AL does appear to be 3 years.
For the moment, ignore the older collections. Since you're beyond SOL and they cannot sue, they ain't likely to do anything.
Check your CRs and call the CRAs. Get the DOFD, DOLP and DOLP for everything. I would put everything in an Excel spreadsheet (if you have or use it). If not, then I believe openoffice.org is free and includes a spreadsheet application. [Someone with experience could better advise. Although I should try and get up to speed at least a bit with it.]
DOFD is the date from which it will drop from your CRs. The 6 year old collections are getting close. Give yourself something to look forward to with joy.
DOLA or DOLP is the date from which the SOL is measured. Paying, even partial payments, resets the DOLA and DOLP and generally resets the SOL.
Some of these dates will be on your CRs. Some will not. DOFD almost always is not.
The new collections within the SOL are the ones you wanna focus on. If Cap 1 is among them, be advised that Cap 1 has a nasty habit of suing within 6 months of SOL.
Open the phone book and start calling BK lawyers. You'll get one who will talk with you, FOC. Tell 'em what you owe, what you earn, and ask how much a BK would cost. Ask whether you qualify for a BK7 or would you have to go BK13. Thank them, and tell 'em you have to weigh things and consider such a decision carefully.
If you have to consider BK, and some of the lawyers say you have to go BK13 while others say yes you qualify for BK7, whether you choose BK7 or BK13 I would work with a lawyer who says you qualify for a BK7. They are likely better informed and more willing to work harder for you. Some lawyers are staying on top of caselaw and seeing that the BK Reform Act did little to impair most folks from qualifying for a BK7, while other lawyers read the press accounts and figured "Oh well, now I have to file BK13 instead of BK7. Still money for me."
In your PFD letters, if the OC or CA is playing hard to get, you can up the negotiations by honestly saying, "I've talked to a BK lawyer, and I am considering all available options." Might budge them to accept your PFD terms.