Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - I owe credit debt and don't want to file bankruptcy. Will it stay on credit report for life? - I couple of clarifications to CatDad's response...
As he says it will no longer show up on your credit report after seven years, but it is still an owed debt. While creditors will commonly write off the debt as uncollectible, they also typically sell bad debt to other companies who can come after you for payment. Success is low, but they also pay a very low amount for the debt. Expect to be hassled by both the original company you owe the debt to and whoever they sell the debt to for a long time to come.
While Chapter 7 bankruptcy stays on your credit report for ten years, Chapter 13 bankruptcy only stays on your credit report for seven years. -
