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First, you are a dead beat if someone skips out. A low life
Then, after several years of attempts to collect, the creditor can file suit against you. Assuming they obtain a judgment, the judgment goes on your credit file and creates a lien against real or personal property. If you have a retirement account - they can attach that.
Now, depending upon the state where the judgment is obtained, the judgment can be renewed -
In other words - you might just as well stay away.
OBTW - don't attempt to obtain credit in another country - you know that judgment?
First, you are a dead beat if someone skips out. A low life
Then, after several years of attempts to collect, the creditor can file suit against you. Assuming they obtain a judgment, the judgment goes on your credit file and creates a lien against real or personal property. If you have a retirement account - they can attach that.
Now, depending upon the state where the judgment is obtained, the judgment can be renewed -
In other words - you might just as well stay away.
OBTW - don't attempt to obtain credit in another country - you know that judgment?
It will show up on credit reports worldwide now.
Ain't computers and the internet wonderful
"show up on credit reports worldwide"? That's just not true!! Not all the systems are based on social security numbers; and there are several countries that mostly do business on cash only basis.
First, you are a dead beat if someone skips out. A low life
Then, after several years of attempts to collect, the creditor can file suit against you. Assuming they obtain a judgment, the judgment goes on your credit file and creates a lien against real or personal property. If you have a retirement account - they can attach that.
Now, depending upon the state where the judgment is obtained, the judgment can be renewed -
In other words - you might just as well stay away.
OBTW - don't attempt to obtain credit in another country - you know that judgment?
It will show up on credit reports worldwide now.
Ain't computers and the internet wonderful
if he is talking about unsecured debt (credit card debt is unsecured debt) then they do not have several years. Depending on the state its 3 to 6 yrs. 7 yrs it comes off his credit report (federal mandate on that one).
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,798,754 times
Reputation: 3587
Quote:
Originally Posted by Ultrarunner
Depends on how badly they want it...
If a creditor obtains a judgement against you it is normally good for 10 years... and it is my understanding that it can be indefinitly renewed for successive 10 year periods...
Back in my University Days I had a Business Law Professor that also owned rental property... he told the class of a judgement he collected on 19 years after it was awarded...
He said the cost to renew is very modest and in this case the person inherited some property and he attached a lien on it... plus interest.
Nothing happened for a few years until he was contacted by a Title Company because the owner couldn't refinance until the lien was cleared.
Would most people be so tenacious... I doubt it... but you never know... Of course the guy could have filed for Bankruptcy and then the Professor would have had to get in line with everyone else...
They don't put people in jail for debts in this country... so I imagine that if you never own anything or get a job... there isn't anything for them to go after.
Disclaimer: I am not an attorney at law. I only play one on the internet!
They cannot get a judgement unless they sue you and they cannot sue you if you are not properly served with a summons. So if you were to simply dissappear- which BTW is very hard to do unless you are going to live in a cave- and they cannot find you, they will not be able to sue you. They cannot file a lien on anything without suing you first. Most consumer debt in most states has a statute of limitations on it- usually from 2 to 4 years from the time the debt goes bad and if they do not sue you in that time, they are out of luck. If they do manage to properly serve you and win in court, a judgement is indefinite and can even be collected after you die if you left behind an estate of any kind. So if you are going to dissappear make sure that you do it before the debt goes bad and keep in mind that, with modern day computers and such, skip tracers are very good at what they do and they can find people that do not wish to be found.
As for your credit report, the items will remain for 7 years from the time of last contact with the debt. Be careful because many people get burned like this. Let's say you have a collection item or a charge off on your credit that is 6 years old. You may get a call from a scavenger collection agency that will sound really nice- and they will offer you a real deal- maybe $150 settlement for a debt of $400. You think- wow I can get this off my record a year early... and you will be screwed because, when you send them that money, it will not only stay on your credit report as a charge off (the only thing that will change is the amount) but it will appear as a fresh entry and the 7 years will start over again! It will do more damage than just telling the collection agency to go pound salt!
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,798,754 times
Reputation: 3587
Quote:
Originally Posted by Hobokenkitchen
I wonder how it would work if it wasn't individual debt, but some tax amount like Wesley Snipes?
Could he have stayed out of the country longer and never had to pay taxes at all?
Or would you have to stay out of the country forever?
Any ideas?
He could have stayed out forever and not paid. Does not work for taxes, student loans and a few other types of debt not limited by the statutes of limitation.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,798,754 times
Reputation: 3587
Quote:
Originally Posted by TKramar
The seven years' thing is a myth. They can re-establish that there IS debt, even after 7 years of non-payment.
Untrue. They cannot re-establish a thing unless you have taken an action on the debt- like made a payment or a settlement of it. Then they can ruin your credit for another 7 years. Leave it alone and after 7 years, it goes bye bye.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,798,754 times
Reputation: 3587
Quote:
Originally Posted by Greatday
First, you are a dead beat if someone skips out. A low life
Then, after several years of attempts to collect, the creditor can file suit against you. Assuming they obtain a judgment, the judgment goes on your credit file and creates a lien against real or personal property. If you have a retirement account - they can attach that.
Now, depending upon the state where the judgment is obtained, the judgment can be renewed -
In other words - you might just as well stay away.
OBTW - don't attempt to obtain credit in another country - you know that judgment?
It will show up on credit reports worldwide now.
Ain't computers and the internet wonderful
It won't show up anywhere outside the USA. Not even in Canada.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,798,754 times
Reputation: 3587
Quote:
Originally Posted by Greatday
That is absolutely false.
Beings I am married to one, that is true. NONE of her Canadian credit record shows up here. NONE. They do not even use the same numbers (Social Security vs Social Insurance) on credit files. Could somebody in Canada PULL her USA report? Yes if she gave them a US Social Security number but nobody in Canada will do so because they have different rules for underwriting loans there.
Beings I am married to one, that is true. NONE of her Canadian credit record shows up here. NONE. They do not even use the same numbers (Social Security vs Social Insurance) on credit files. Could somebody in Canada PULL her USA report? Yes if she gave them a US Social Security number but nobody in Canada will do so because they have different rules for underwriting loans there.
Greatday likes to think that whatever happens in the US follows you to the ends of the earth.
It's his personal feelings getting in the way of objective reasoning.
Sorry, I also have experience with this. There are even ways to circumvent the Patriot Act with offshore holdings. Holdings at the Perth Mint, for example, avoid the use of social security numbers.
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