“Dear Steve,
I’m a disabled vet living off my va disability comp and social sec disability.
I am in a serious bind i became disabled in 2005 and i lost everyting i have been faced with collection agencies calling me to pay off the debt for my car that i had to turn in they did take 6 months to pick it up but i am aware that the statutes of limitation is going to run out so they have been extremly agresive and i have recieved threats of being sued what can i do. we are a family of three and we live paycheck to paycheck is bankcruptcy a good option or just hold out for the statutes of limitation run out and hope i dont get sued. i really need to buy a house i have found a few houses that would be less than my rent which is $800 monthly and i have found houses for $45,000 – $80,000 but since my disability i my credit took a plung please help
Disabled”
Dear Disabled,
My advice is not to sit and wait. Just because the statute of limitations runs out does not mean they can’t attempt to collect the debt for ever.
I would suggest you consider closing the door completely on these old debts with bankruptcy and then you can focus on moving forward with your life.
The good news is that if you are eligible for a VA mortgage you will be able to get a VA mortgage loan two years after your bankruptcy has been discharged.
The best step to take next is to meet with a local bankruptcy attorney you like and discuss the situation. The appoint is generally free and you’ll walk away knowing if bankruptcy sounds like the right approach for you to take.
If you do decide to go the bankruptcy route, then follow my easy plan to rebuild your credit.
Please update me on your progress by
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thanks for the response i will look into bankruptcy and let you know what i decide