Confused About Statute of Limitations
Date: Thu, 12/09/2010 - 16:00
Hi,
I feel pretty dumb but as much as I read, I just can't seem to wrap my brain around SOL. I am confused about how the SOL for reporting to CRA and SOL for being sued might affect me. I have a few debts that are approaching SOL for lawsuit. Here are my questions:
1. If I manage to make it past SOL for being sued can I then negotiate a settlement in return for a "delete" from my credit reports?
2. Is it better to keep my fingers crossed and hope I don't get sued before the SOL runs out or keep trying to settle now? I have made attempts to settle but haven't made any progress :(
3. I am currently unemployed, don't have any assets (no property, cars, etc.), and don't have a substantial amount in savings. If I do get sued, is it possible to get the case dismissed simply b/c I'm broke?
Thank you for any help in these matters. I've tried searching this forum and a few others about these questions but the search results are quite numerous and I just can't seem to find the specific answers I'm looking for.
I feel pretty dumb but as much as I read, I just can't seem to wrap my brain around SOL. I am confused about how the SOL for reporting to CRA and SOL for being sued might affect me. I have a few debts that are approaching SOL for lawsuit. Here are my questions:
1. If I manage to make it past SOL for being sued can I then negotiate a settlement in return for a "delete" from my credit reports?
2. Is it better to keep my fingers crossed and hope I don't get sued before the SOL runs out or keep trying to settle now? I have made attempts to settle but haven't made any progress :(
3. I am currently unemployed, don't have any assets (no property, cars, etc.), and don't have a substantial amount in savings. If I do get sued, is it possible to get the case dismissed simply b/c I'm broke?
Thank you for any help in these matters. I've tried searching this forum and a few others about these questions but the search results are quite numerous and I just can't seem to find the specific answers I'm looking for.
1. Pay for deletes rarely happen. If it is past the SOL, just
1. Pay for deletes rarely happen. If it is past the SOL, just wait it out until it drops off your credit report.
2. How far from the SOL are you?
3. Nope....the fact that you are broke now has no bearing on being sued. Judgments are good for up to 20 years depending on your state....it allows them to wait until you have something....or want something.
