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Should I file bankruptcy?
I have multiple CC debts in collections. My fiance and I both lost our jobs in 2009 and have been struggling to get back on our feet ever since. Initially I met with a lawyer who said that filing chapter 7 was our best option but because we are not married we would have to file separately - all fees and such we would be looking at $3000+ just to file! Since we had our vehicles repossessed, we had to put our money towards other vehicles just to be able to get to work. I have not made any payments on the credit cards and the vehicles are not on either of our reports because my mother had cosigned and ended up filing chapter 10. Little advice-- not worth having a family member cosign to get a better rate in this economy because you are putting them in a huge financial risk that sometimes you have no control over! We are still living check to check and definitely do not have an $3000 to file. I have been looking into some other options (self-filing, law students, etc). I have seen a few posts on here that everything comes off your report after a certain amount of time. In my state, statute of limitation for CC is 6 years. One of the companies has taken me to court but obviously without the $ to pay they continued it to be re-evaluated in a year. I'm just really confused because the accounts are all listed as closed on my report here so should I just wait another year for the statute of limitations to be up or should I still file? I want to make the most responsible and ethical decision. I know that these debts are mine but I also know that there is no way I can see paying for them, even a little at a time. Any suggestions??

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Top Contributor
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If you can not pay them off...

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Wait for the Statute to push them off your report.

If you contact them now, it will reset the clock and it will be another 6 years before they fall off. 

I know the feeling of "moral obligation" you feel about paying the debts that you know are yours, but in the long run, the law supports your walking away. 

Good Luck

Top Contributor
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If I were you, I would wait it out and let the accounts fall off.  If you file BK you'll trash your credit even more and run the risk of throwing your money away on a scammy lawyer/website/whatever (the stories I have heard!!!).  Visit and lower left of screen is a link "Consumer Bankruptcy".  Check it out.  

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