Skip to main content

Should I wait for the SOL to expire or should I file bankruptcy?

Riverside, CA |

I have about $96,000 in unpaid medical bills. They are around 3 and a half years old. Should I file bankruptcy or just wait for the statute of limitations to expire?

+ Read More

Attorney answers 4

Posted

That's really your call. You have no other debt and there is no word from anyone that this debt has been sold or a judgment has been obtained?

The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: www.avanesianlaw.com for more information about my services.

Posted

If these are you only debts and you have not received communication from a California attorney regarding the debt then I would wait to see if the statute of limitations expires. There are a number of things which can toll the statute of limitations and give the creditor more time to file suit but none of these are raised by your question.

Asker

Posted

I've got another $8,000 in radiology and credit cards. I'm 27, live at home with mom. I make about 700 a month. I do get calls and letters regarding this debt. I am currently speaking to a bankruptcy attorney but i want to make sure that this is the best option. i don't want to spend the money and have a BK on my record if i don't have to ya know?

Scot J Eliot

Scot J Eliot

Posted

If you are in default on your credit cards I would be inclined to recommend thinking seriously about the bankruptcy. If you file now then the clock will be started on recovering your credit. My answer would depend on whether you are able to handle all of your non-medical debts.

Asker

Posted

well like i said, my credit cards aren't that out of control. like 3 or 4,000. The rest being medical. should i back out of a BK and wait out the medical bills? What are you benifits of a BK in my situation?

Posted

Unpaid medical bills are not as bad for your credit as a bankruptcy. Although the SOL may expire after 4 years, the accounts may stay on your credit or 7 years. A BK will stay on your credit for 10 years, and it will affect your relations with your other creditors.

Also, the SOL may not necessarily be 4 years. Sometimes a shorter period applies. To get more specific advise, relevant to your exact situation, you should sit down with a lawyer.

Posted

The SOL generally starts on the date you are declared in default on your obligations. In this case, 4 years unless the contract states otherwise.

BW

Bankruptcy and debt topics

Recommended articles about Bankruptcy and debt

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer