Woke up from a bad dream several years later...

[unequalscales]

Hey Guys,

Yet another debtor that has a problem, thanks for being a resource
out there. I feel like I am all alone in this problem. I come from a
culture of 'do-gooders' that would have me prostrate myself before
the system and I dont know the first step back to health in
this area. I am protecting myself from all angles right now
knowing I am in a highly manipulatable position in my life
right now. Any advice will be taken in consideration
and I want to make things right. That being said...

Long story short, I was way extended and used all my credit. At
the time, it was about 22K. I lost my work, and my work history
has suffered since 2001. In the last two years, I can thank God
that I have been able to work consistently enough and pull my
expenses back enough that I have some money that I have
scratched together.

I am in Florida and I have heard about this 'Statute of Limitations.'
I do not live at home with my folks, I live elsewhere. I have been
living wherever I could and since 2001-2002 I have not made any
token payments to these collections agents because I felt there
would be no use. I had no money to give them, I have not had
projectable income in years and now I have a little in there and
want to approach this issue in my life and move forward. The
date of last activity on most of my accounts is in 2002 and earlier
and I have not answered any phone calls or letters since. The
only creditor I have gotten things square with was the collector
on my student loans.

All this being said, what is the first step to resolving this and putting
this problem to bed? Going into this I had no idea about the SOL
and waking up from this terrible depressed dream, I realize that I have
options and the Law may just be on my side to make payments
through an attorney and make this all go away creditor by creditor.

How should I approach this and how much could this cost me?

Thanks for your time.

PS: according to my long and ugly credit report, there are no current
or pending judgements against me at this time. hope this helps, thanks
for the advice. Regardless of all this, somehow my FICO score is in the
mid 630s. I dont know if thats good or bad, but with all this bad debt,
I thought it would be much lower.

[Mr. Knowitall]

From what you have stated, most of the debts will probably expire on their fifth anniversary unless lawsuits are initiated before that time. If you make payments you could substantially extend the negative entry on your credit report, and may also renew the limitations period, so be careful. If you want help from a lawyer resolving the debts, the only real way to get prices is to call a few law firms and ask what they would charge.

[nicvalentine]

If you cant possilby get out of it by paying back, Bankruptcy could be your best friend.

[nomorecrime]

I declared bankruptcy back in 1989 and my credit is good. whatever you do. do not allow this debt to get you deeply depressed. where there is a will there is a way.

[nicvalentine]

I'm not proud of it, but filing ch 7 was the best thing I ever did. I can now live again! I have a successfull business, I can now manage my finances, and have more credit than I could ever of dreamed of, even more than before the ch. 7. I now have even been able to start to pay off some of the debt I filed on, even thought I am not required too.