So much of the stress associated with serious debt problems comes from the uncertainty of the whole process. Often creditors will not take any action for months and even years. This can even lull you into a false sense of security that you are finally through the rough spots of your debt disaster, when if fact you may just be experiencing the calm before the storm.
It is my experience that most creditors, and even junk debt buyers, are at least vaguely aware of when the statue of limitations will expire on a particular account. With this knowledge they will sometimes wait and then spring into action before the statute expires and they are barred forever from suing on the debt.
The not knowing is the difficult part. Should you wait it out and see if the creditor is going to sue you? Or you should take the plunge and file for bankruptcy. You find yourself stuck in this catch-22 situation where action or inaction in either direction could have long lasting consequences.
In today’s show I discuss some of the resources out there that can provide you with tips and clues whether or not you should expect a debt collection lawsuit to come your way, or if you are finally out of the woods.
One of the resources I mention in today’s show is obtaining a current copy of your credit report. You can download a free copy of your credit report from each of the three main credit reporting agencies (Transunion, Equifax, and Experian) once per year at the following site:
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John Skiba, Esq.
We offer a free consultation to discuss your debt problem and help you put together a game plan to eliminate your debt once and for all. Give us a call at (480) 420-4028