Waiting it out is dangerous. Even if you think you have no assets that can be seized you have to consider that your wages can be garnished (in fact this is likely the first thing a creditor will go for once they obtain a judgment), or alternately your bank account can be attached. I have seen many clients suddenly have a garnishment attached to their bank account the day after they deposit their bank account, and then that money is frozen and they are left unable to pay their bills and with checks bouncing all over the place.
Now there are people who we refer to as "garnishment proof" but these are people who either have zero income, or their only income is from Social Security. These people have zero assets meaning no house no car, no personal property of any value, and they have no open checking accounts. So basically with these people every creditor they owe could obtain a judgment against them, but will never be able to collect on it. Of course that does not stop the phone calls, letters, etc. or the embarassment of being served every time someone sues you. If you fall into this category and plan to stay there until the SOL runs out then maybe you are ok to wait it out, but if you have a job you would be seriously jeopardizing your family's well being by waiting it out only to have your wages garnished in the end.

