advice please

[ganto]

Hello

i am trying to avoid a chapter 7 BK. my debt's are almost 2 years old with non payments and it seems that the original creditor has charged them off of there books. so wich means they will probily goto a junk debt collector. what is the letter of validation?? what do they need to provide me with to prove that the debt is a valid debt?? and one question on the SOL can they still come after me once the SOL expires in my state?? i looked up the SOL for califorina and it's 4 years

[gdale6]

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@ganto wrote:

Hello

i am trying to avoid a chapter 7 BK. my debt's are almost 2 years old with non payments and it seems that the original creditor has charged them off of there books. so wich means they will probily goto a junk debt collector. what is the letter of validation??  A DV is sent to CAs and JDBs only and its a legal document if sent within the first 30 days of a collector receiving a collection. There is more info on it here   http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Validation/m-p/7133

what do they need to provide me with to prove that the debt is a valid debt?? The FDCPA controls what must be given an individual at minimum. It doesnt take much basically your name, OC and amount due.

and one question on the SOL can they still come after me once the SOL expires in my state?? i looked up the SOL for califorina and it's 4 years  Just because a debt is past SOL doesnt mean its forgotten they can attempt to collect forever with the exception of 2 states WI & MS where the debt is expired at SOL. If you are sued on a debt that is past SOL the SOL becomes your affirmative defense if you raise it in your answer to the court or in personal appearance. Welcome to posting at My Fico

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[Anonymous]

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@ganto wrote:

Hello

i am trying to avoid a chapter 7 BK. my debt's are almost 2 years old with non payments and it seems that the original creditor has charged them off of there books. so wich means they will probily goto a junk debt collector. what is the letter of validation?? what do they need to provide me with to prove that the debt is a valid debt?? and one question on the SOL can they still come after me once the SOL expires in my state?? i looked up the SOL for califorina and it's 4 years

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How much debt are we looking at vs current income?

Validation consists mainly of telling you who the debt originated with, and what the original amount was.

SOL expiration just means you have an absolute defense in court if they try to sue you for the debt.

[ganto]

my current debt is around 20k and right now im unemployed. your right about the SOL it just means that they cant sue you but it still don't mean that they can't try and collect the debt

[Anonymous]

If you've been out of work for 6 months or longer, BK7 may very well be a reasonable option. It will get them off your back, and allow you to recover relatively quickly. With planning you can be in the 700's 24 months after discharge. You'll hit a glass ceiling at about 750 or so until the BK drops off, but thats often preferrable to struggling and fighting with creditors for the next 7 years while they continue to do everything they can to destroy your credit.

Hop on over to the BK forum and get some advice from there.