Fairfield Problem
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Original Message:
Re: Fairfield Problem (by stanleyf5):
Dear Jayjay, It is correct that debts expire if no payments are made over a period of years, typically 7 years. The time varies by state. I am not advocating not paying your bills, but if circumstances are so bleak that you cannot pay your bills and you have negilgible assets, that is probably preferable to declaring bankruptcy since bankruptcy will stay on your credit report for 10 years. If you have significant assets, sooner or later you are going to have to pay, a small credit provider may give up because of the litigation costs, but a large company will not give up since it is a normal cost of business for them. Stan.