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angelj626

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bankruptcy or drop off?
is it better to file bankruptcy or let the stuff drop off your credit? i heard the creditors can keep selling your bad debt so it never drops off. also i have them calling saying they can take me to court, or get me for hot check, or put me in jail. i dont know how much of this is correct.

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They "might" take you to court, and you would have to go to avoid a default judgement which would be rendered if you didn't show up.

If you wrote a bad check, there could be criminal charges.

You CANNOT be jailed for failing to pay a debt.  Debtor's prison went out of fashion a very long time ago.  Collectors who make said threats have violated the Fair Debt Collection Practices Act and can be sued for damages amounting to $1000 for each occurance.  You can find more about this through an internet search.

Creditors can sell a debt forever, if they want to, but the most important thing to know is the statue of limitations for collections as it is in your state.  This is the maximum time they can attempt to collect a debt after it first goes into default (when you last made a payment). 

What is wrong with trying to pay this off?  You do know that a bankruptcy will hurt your credit score for the next ten years and you have to totally rebuild afterwards.  Paying it off is a good idea.

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