When Does Debt Go Away?
Posted on
June 23, 2009
at
2:51 am
I am up to my neck in credit card and medical bill debt. I am earning less that what I currently owe and need HELP....
Posted on
June 23, 2009
at
3:52 am
when you pay it off of course.it also goes away when you file for bankruptcy.
Posted on
June 23, 2009
at
4:32 am
Well, the truth is, it won't go away on its own. The more you ignore your unpaid bills, the worse your situation becomes--it's a given (not to mention part of your written agreement with your creditor) that fees and interest charges are added up on the bill in the event of non-payment. When that happens, your balance will grow bigger and bigger.Franny & Zooey is right, it will go away if you pay off the bill. Or settle the balance. Bankruptcy may take some (not ALL) of your debts away, and there's a certain time period before the debt is discharged.
Posted on
June 23, 2009
at
5:26 am
Bankruptcy can eliminate your debt but as what caffeinatrix said, it takes a few months before all the debts are discharged. Besides, certain debts cannot be discharged, such as alimony, child support, and tax debt.Say you've also been receiving collection calls and have sent a written request for calls to stop, and they indeed have stopped--but you still owe your original creditor the money. It's a very common misconception for people, and it really needs to be corrected. You still owe the debt even if they're no longer calling you. It also won't stop them to file a judgment against you.
Posted on
June 23, 2009
at
5:37 am
But what if you die??? Are you still responsible for a debt? You've gotta be kidding right? I mean, seriously.......
Posted on
June 23, 2009
at
5:50 am
caffeinatrix, can you tell me about settling? i want to know my options on taking care of my debts.....
Posted on
June 23, 2009
at
6:25 am
The debt won't go away just like that. Jake's question is an entirely different topic and I'll try to address it here. When an account holder dies, the responsibility of paying for the debt falls into the hands of the deceased person's executor of estate. If the deceased has assets, they will first need to be liquidated to pay off the debt before these will be distributed to their heirs. If the liquidated funds are still not enough to pay for the debt, the account will be charged off. Family members have no obligation to pay off the debt, unless they have co-signed with the deceased cardholder.
Posted on
June 23, 2009
at
6:55 am
You can settle your debt either by doing it yourself or hiring the services of a debt settlement company. If you do the former, all you need to do is contact your creditor and negotiate with them on a percentage that you can afford. More often than not they may ask, if not demand, that you go according to their terms, and it may require a degree of toughness from you. They may bully you into submission if you don't agree with what they want. On the other hand if you decide to go for hiring a debt settlement company, they can negotiate with your creditors and take off as much as 40% off the balance.
Posted on
August 19, 2009
at
5:54 am
When does debt go away?Whey you have successfully completed your repayment or settlement program. Your debt goes away then but its reminders won't. It can stay on your credit report for 7-10 years.
Posted on
August 19, 2009
at
12:30 pm
To address that further- when does debt go away- true, not until it is resolved, but there are reminders. You specifically mentioned that those reminders were around for 7-10 years. To specify: Chapter 7 Bankruptcy- 10 years Chapter 13 Bankruptcy- 7 years Settlement- 7 years (from the date the account was settled)
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