Creditors/bankruptcy/etc

[Fierce Critter]

I was listening to a radio talk show the other day, and heard something interesting.

A person who works for a collection agency called in. She said that after 7 years have passed, the statute of limitations says that a debt comes off your record, and you cannot be sued over it. But if you pay so much as $1.00 on said debt, the limitation basically starts over and they can sue, try to collect and it goes back on your record.

Sounded pretty convincing, as she works for a collection agency. I need to do some follow-up, but if this is true, then it's particularly good news for us.

My debts go back to before I met Jon 8 years ago. With the exception of a car repossession, which might have 1 or 2 more years to go only.

And all but 2 of Jon's debts also go back that far, and the two that are left we can definitely cover eventually.

So no bankruptcy for us, if I need to get a Job, I can without fear of garnishment, and the amount we actually have to pay off has been whittled down over 80%.

I hope I can confirm this. Time to get a free credit report.

One hitch, however. The house we sold 2 years ago was reported as a foreclosure, even though the mortgage company itself confirmed that we did, in fact, sell it, and we even have a bill of sale to prove it. So that's still on Jon's record, and it's going to take major jumping through hoops for me to get that cleared.

[saechalyn]

There is a wealth of information on this website http://www.creditinfocenter.com/ about such matters. I have my own credit saga and I would post more except I've been up all night and I'm exhausted. Good luck.