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I’m planning to foreclose my 2nd house and leave my credit cards bills unpaid for 7 years then it would be removed. My question would the creditors put a lien on my checking/house/life insurance in the future? Also, would my credit reports be CLEAN after 7 years, no sign of unpaid debits?
Would bankruptcy better than just not paying? Would bk take my house & car too?
I’m in California.
I’m planning to foreclose my 2nd house and leave my credit cards bills unpaid for 7 years then it would be removed. My question would the creditors put a lien on my checking/house/life insurance in the future? Also, would my credit reports be CLEAN after 7 years, no sign of unpaid debits?
Would bankruptcy better than just not paying? Would bk take my house & car too?
I’m in California.
Tags: Foreclosures, Insurance, Life Insurance, Unpaid Credit Cards
July 25th, 2007 |
Tags: Foreclosures, Insurance, Life Insurance, Unpaid Credit Cards
July 26th, 2007 at 3:58 pm
Your credit reports will always show your unpaid debts. But after 7 years, your credit score will get better.
But instead of abandoning your financial responsibilities and hope to have sucessfully scammed the system in seven years, why not talk to a debt consolidation specialist who can help you learn to take responsibility for your spending habits. Foreclosing on a second house? Have you no pride at all?
July 29th, 2007 at 11:11 am
After a bk, no one can go after any past debts. But I am confused. Are you planning on just giving up on your house and leaving it to the bank, and are you planning on abandoning everything to the creditors?
You get protection in a bankruptcy. You may also get some of the equity from the house after the creditors are satisfied. Most states give you some protection even after the change in the Federal bk laws by the Bushies.
Everything does wipe clean after 7 years and a chapter 7 goes after 10 years.
Check in with a bk attorney, they know better than those of us out here.
July 29th, 2007 at 10:40 pm
1. Dropping off your credit report DOES NOT mean you don’t legally owe the money.
2. They can’t put a lien on anything until they SUE you and secure a judgment.
3. Once they have a judgment, there is NO statute of limitations for COLLECTING in most states.
July 30th, 2007 at 5:02 pm
I am in a simular position…except I do not have a house. I owe $150K plus in personal loans and CC advances. I am on SSI and have no means of repaying anything. Most of the answers on here are just personal opinions and nothing to back what they say.
I personaly know that after 7 years MOST items drop from your credit report.
As for being sued by these companies…again…the judgement only last so long BUT they can re-new it so it can stay with you for a very long time.
Good luck.