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Posted: Mon Mar 21, 2005 5:49 pm Subject: Digging out

Hi, there...I'm getting divorced and have learned that I have a lot of debt because bills in my name weren't paid (he was in charge of the money), and I am way behind on things. Is it really true that some companies will give loans to paople like me? I am willing to do whatever it takes to get out of debt and get my credit back on track! My total debt is approximately $6,000. Lots of medical bills, and old utilities. Any advice or help would be a blessing. Thanks... Wink

Posted: Mon Mar 21, 2005 6:23 pm Subject: i think this may help

i hope this site will help. just enter your zip and then search laws that might help you.

[Denny: edited the post, please do not add external links, see tos]

Posted: Mon Apr 25, 2005 11:46 am Subject:

Very unfortunate, but wanted to add for your information if you have not done so and there are still accounts in both of your names, then you need to write to past creditors request to close them account out, they don't have to if a balance is remaining, but once paid they can close the account and then issue two separate accounts.

You might check laws to see if you are in a community property state, meaning that regardless of above advice that both of you could still be held accountable for past joint debt.

If there is debt that he owes, usually you have to take the ex spouse to court to sue them for not honoring a divorce decree if he fails to pay on his agreed half.

Negative information can only stay on the credit report 7 years and there are statutes of limitations on how long a creditor can legally seek to collect a debt in court. If you expire that time, then you have a defense that the debt is time barred, would still need to appear in court if they took you, but the judge could dismiss the case due to SOL expiring.

There are few exceptions on the reporting laws to reporting periods 1) Tax liens can remain on the report forever if unpaid, or 7 years from the paid date. 2) Student Loans can remain forever if unpaid and then only 7 years once paid.

Then there is the matter of bankruptcy, if you file to get out from under the debt, chapter 13 (repayment plan) will show on credit report 7 years and if you file chapter 7 bankruptcy then 10 years can remain on the credit report, that is just the court listing, all accounts included in bankruptcy could be removed after 7 years from the file date on the bankruptcy.

If you don't go that route, but try to pay the creditors, then negotiate settlement in exchange for paid in full, or if they are willing, negotiate for removal of the negative item off of the credit report, some collection agencies are willing to do this.

Just understand if you settle with an amount not being paid exceeding $600 then that company can send you a 1099 form, for earned income tax that you would be expected to pay taxes on when filing comes around.

Hope this helps,

Posted: Mon Apr 25, 2005 2:07 pm Subject:

Hi jbrooks28

You posted your problem on 22nd march. I hope by now you must have grown stronger and also made a positive move towards erasing your debts. Tell us about it. We will like to hear from you soon.

Roxette

Posted: Wed Jun 01, 2005 2:08 pm Subject: Re: Digging out

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