Legal Question in Bankruptcy in Florida
I have several collection agencies harrassing me by phone from outstanding debt from several credit card companies.I used the cards to renovate my home prior to the collapse. After they raised my rates to 28% and would not lower it, I could no longer use one card to make payments to the others I stopped all payments.That was 3 yrs ago. I was told they could only report me to the credit bureau for 5 yrs from my last payment. Is that true and would it still apply even if the card company sells the debt to another company? I was going to file bankruptcy but was advised to wait it out rather than spend the $2,000 it would cost.
1 Answer from Attorneys
In Florida, they can only sue you for five years after your last payment, last charge, last acceptance of an updated card, etc. They can legally report it on your credit as a bad debt for seven years.
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