To let it go, is this an option?

August 31st, 2009 by Questions

I have over 50k$ in debts, all on my credit cards, and have no more job. Since 4months I ignore the phone calls for my late payments on them. What if I just continue to ignore it? Will there be a time where everything will start back to 0, or if I have to declare bankruptcy?

Posted from: Quebec

Questions

One Response to “To let it go, is this an option?”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Technically speaking there is a statute of limitations that suggests eventually a debt can become statute barred. The problem this isn’t predicated on your actions but the banks and their collectors actions. Practically we find that most banks and credit card agencies know exactly what needs to be done to prevent debts from becoming statute bared so very rarely does this happen. As a result you can try to continue to ignore things, but likely you will have to file a bankruptcy or find some other way to deal with it eventually.

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