529 Plan Limitations
August 4th, 2010
Question: My Credit Score and Debt; also Statute of Limitations in PA.?
My credit score for Experian is 529. I have 17,700.00 in total debt. I have 0 credit available. I have NO current credit cards or loans. I am buying a car on a buy here pay here basis at 320/month (80/week). I am 23 years old. I want to pay off everything but don’t know the best way to do so. Thinking about bankruptcy, thinking about a lawyer, thinking about a payment plan with a debt consolidator. Also thinking about paying off the least expensive ones first and keep at it till done.. Also, if the statute of limitations has passed, will things drop off of my credit report?
Answer: 17k isn’t a whole lot of debt, especially when considering bankruptcy.
The expiration of the statute of limitations just means you no longer have a legal obligation to repay the debt. The length of time delinquent accounts can remain on your credit report (7 years) is governed by the Fair Credit Reporting Act.
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