Whats the deal, do bills go away after 7 years or no?
Answer:
Actually, once its disappeared from your credit report (it must be gone from all 3 Bureaus) you are in fact NOT legally responsible for that debt anymore. If a collection agency is trying to collect on a reportable debt, that previously appeared on your credit report, but has fallen off due to the statute of limitations for your state, they legally cannot force you to pay that. They will try to collect it anyway, but, if it no longer appears, you can tell them to take a hike. Whatever you do though, DO NOT ADMIT YOU OWE THE DEBT! If at any time, you admit the debt for an account that has lapsed, they can legally restart the seven year period.
After 7 years they disappear from your credit report, they dont go away. You are still legally responsible, and morally responsible to pay your debts.
No you owe the money. Trying to scam out of some unpaid bills?
Yeah.sure thats right.
NO, they do not and they shouldn't. To understand what you ask, try understanding the "statute of limitations" as applied to debt. Research the web on that subject. You may become an expert so you know how to respond to others' opinions on the subject.
you will cause a nasty train affect this way. It's just best to talk to the financial intitution that you are having problems with, and compromise on a better financial way to handle the current situation, it's better to deal than to steal :)
NO! Bills NEVER actually go away. They may come off of your credit report after 7 years, but the creditor can still come after you. In reality, most creditors write off the debt after a period of time. However, at any time, a creditor can "Sell" your debt to companies who will come after you for the debt. Sooo, imagine getting hammered 10 years from now for that thing that you thought/hoped went away.
If you go Bankruptcy route, make sure you find EVERY possible creditor you ever owed. If not, once your bankruptcy is final, they can all come out of the woodwork.
Main thing.pay your bills, don't avoid them.deal with the creditor head on. It's painful, but not as much as living a new life with old life crap coming after you.
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though the bill is never paid it can fall off your credit report, it can still be collected as it was never paid, you just do not have that ding on your credit score. Also for your information, it is not always 7 years, different states have different limits some more some less(Arizona is technically 6 years-found it on MSN.com).
Some it does. But since the new bankruptcy bill went into effect last October, creditors have the right to hound you apparently forever.
The bills do NOT go away.
The creditor can also resubmit the info to the credit reporting agencies.
Reporting rules for your credit report have no impact on the creditor ability to collect. Some states have a statute of limitations the prevents collection after a certain period of time. If the creditor is actively attempting to collect, the statute of limitations does not start just because you are not paying.
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