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@Anonymous wrote:The principal balance on the loan is around $14,000 and he is being sued for $29,000. I personally do not want to go with the chapter 13 because there is no other debt so I feel like it is a waste. It will follow him around when we are trying to buy a home and I just don't like it. But I don't know what else do to about the debt. He has contacted the original creditor and begged and pleaded for them to pull the account back so that he can pay them directly but they refuse. We are willing to pay no problem just not $29,000 and not all at once.
What is his current income?
How long would it be before he could purchase a home then? The lender told him at minimum one year... is that true?
current income is around 60k but on taxes it is much lower because he is a contractor and has business costs.
Since it was stated that OC was contacted to pull back the debt, it appears that the legal action was brought by a debt collector, not the OC?
If so, the debt collector has apparently purchased the debt and is the plaintiff?
What state are you in, and what provision of your state SOL statute makes the debt still within that SOL?
@RobertEG wrote:Since it was stated that OC was contacted to pull back the debt, it appears that the legal action was brought by a debt collector, not the OC?
If so, the debt collector has apparently purchased the debt and is the plaintiff?
What state are you in, and what provision of your state SOL statute makes the debt still within that SOL?
We are in Arizona. How would I know what provision makes it within the SOL?