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CA Lawyer
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Category: Bankruptcy Law
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Experience:  Bankruptcy Attorney
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I live in Texas. I have a credit card account that I defaulted

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I live in Texas. I have a credit card account that I defaulted on many years ago when I was unable to work due to illness. I have not made a payment in over 9 years. I have heard that this should no longer be on my credit report. Is this true? Do I need to file bankruptcy to have it removed? Also, I have recently received a collection notice on a checking account that was closed, during the same period of time, while it was overdrawn. Is this a debt that can be discharged by bankruptcy? The bank told me it could not. Thanks so much.
Have any payments been made on teh debt at all in the past 9 years? Have any additional charges been made?

Have you acknowledged or reaffirmed that you owed the debt at any time?
Customer: replied 7 years ago.
I have made no payments or acknowledged any communications in over 9 years.
The statute of limitations for written contracts in Texas is 4 years.

The statute of limitations has expired, so there is no reason to file a bankruptcy or get a discharge. A discharge in bankruptcy discharges personal liability for pretty much all debts except student loans, debts incurred by fraud (if the creditor files a nondischargeability suit and wins in the bankruptcy), support debts, taxes, and certain other debts. An overdraft and credit card are both dischargeable.

After 7 years from the last payment date or the missed due date, the item should be taken off your credit report. If it is aged improperly on the credit report, you can file a dispute with the credit reporting bureaus and they will remove it unless the creditor can verify that it is properly aged.



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Customer: replied 7 years ago.
Can I ask another question first?
Does it matter that the account has been sold and resold during this time. Is it seven years for each company that buys the debt?
It does not matter how many people buy or sell the debt. They all step into the shoes of the person they bought it from. Otherwise the credit reporting laws and statutes of limitations would be absolutely meaningless.

You can ask as many clarification questions as you need.



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