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  1. #1
    Join Date
    Aug 2008
    Location
    Battle Creek, MI
    Posts
    3

    Question Bankruptcy Questions?

    My question involves bankruptcy in the state of: Michigan

    I don't think bankruptcy is a good option for me since my debt is less than $4000. My question is "if I send my creditors a settlement/offer letter, does that restart my statue of limitation time frame?" I know it's 6 years in Michigan from the date of delinquency + 6 months. So if I became delinquent in 01/2000 then my statue of limitation with the creditor to pursue this debt would be begin on 7/2000, with 7/2006 being the actual statue of limitation expiration? I don't want me sending these letters out to affect my statue of limitation expiration.

    Also could you suggest any sites that offer free sample settlement/offer letter writing and suggestions to what percentage I should ask to be reduced? I was seriously thinking somewhere around 40-65% based on the fact that I am a single mother of two who has been unemployed for over a year, who is also a full-time student. If a offer is accepted, is it ok to include "payment would be made within 30 days of your acceptance letter"? Is that too long of a time frame? I receive public assistance so I am trying to cut as many cost as I can. I can't afford a debt consolidator. I don't have the money to make the payments.

    One more thing, if I was to file Chapter 7 could my name be listed jointly with my son on the title of a vehicle that is paid in full without having to include that in my assets to be sold by a trustee? I need to know if I should remove my name from the title?

  2. #2

    Default Re: Bankruptcy Questions?

    Quote Quoting Freshstart2009
    View Post
    My question involves bankruptcy in the state of: Michigan
    I became delinquent in 01/2000 then my statue of limitation with the creditor to pursue this debt would be begin on 7/2000, with 7/2006 being the actual statue of limitation expiration? I don't want me sending these letters out to affect my statue of limitation expiration.
    If MI state is 6 year SOL, then all of the creditor is out of limitation. You can file a dispute with the CRA that these account are of aged and need to be removed from your credit report.

    Also if the collection agency is still sending you letters, reply with a cease-and-desist letter to stop contacting you that your account has past the statute of limitation in your state.

    This might prompt them for a law suite, all you need to do, is show up to court and use the statue of limitation as your defense and the case will be dismissed.
    -------------------
    If you settle with them, that will be on your credit report and still hurt your score.
    No need to file for BK, as it's not much of a debt and it also past SOL.
    If you do want to pay and settle with them, send them a letter, stating how much you will pay on the account. Include in your letter, that if they accept your offer, they will also have to accept your terms, which will be, they will have to report that the account is paid in full, and update with the credit agency.

    Good Luck

  3. #3
    Join Date
    Sep 2008
    Posts
    1

    Default Re: Bankruptcy Questions?

    I was just discharged on the 5th of Sept from Chapter 7 BK. However Citibank foreclosed on the property August 25. And I got a 3 day notice to quit today. How do I proceed. I thought I was able to redo the loan. I sent in all pertinent data that they requested. I resent it on the 28th of August and I don't see how they could foreclose when it wasn't discharged. What can I do about this?

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