A bankruptcy gets rid of all of your debts except to the govt for taxes, the lawyer who handled the bankruptcy for you, and a few miscellaneous others. The correct legal accounting for the creditor is to write off the debt. After bankruptcy, they cannot go after you any more.
Or course, it would be OK for the debtor to pay them back later on if he is able to do so.
Best of success.
Write off Debt is a financial term related to Accounting. They will write it off in Chapter 13 BK.
You may be referring to Statute of Limitations and this depends on the type of debt and the state you live in.
State Written contracts Oral contracts Promissory notes Open accounts (including credit cards)
Alabama 6 years 6 years 6 years 3 years
Alaska 6 6 6 6
Arizona 6 3 5 3
Arkansas 6 3 5 3
California 4 2 4 4
Colorado 6 6 6 6
Connecticut 6 3 6 6
Delaware 3 3 6 3
D.C. 3 3 3 3
Florida 5 4 5 4
Georgia 6 4 6 4
Hawaii 6 6 6 6
Idaho 5 4 10 4
Illinois 10 5 6 5
Indiana 10 6 10 6
Iowa 10 5 5 5
Kansas 5 3 5 3
Kentucky 15 5 15** 5
Louisiana 10 10 10 3
Maine + 6 6 6 6
Maryland 3 3 6 3
Massachusetts + 6 6 6 6
Michigan 6 6 6 6
Minnesotta 6 6 6 6
Mississippi 3 3 3 3
Missouri 10 5 10 5
Montana 8 5 8 5
Nebraska 5 4 6 4
Nevada 6 4 3 4
New Hampshire 3 3 6 3
New Jersey 6 6 6 6
New Mexico 6 4 6 4
New York 6 6 6 6
North Carolina 3 3 5 3
North Dakota 6 6 6 6
Ohio 15 6 15 6
Oklahoma 5 3 5 3
Oregon 6 6 6 6
Pennyslvania 6 4 4 6
Rhode Island 15 15 10 10
South Carolina 10 10 3 3
South Dakota 6 6 6 6
Tennessee 6 6 6 6
Texas 4 4 4 4
Utah 6 4 6 4
Vermont 6 6 6*** 6
Virginia 5 3 6 3
Washington 6 3 6 3
West Virginia 10 5 6 5
Wisconsin 6 6 10 6
Wyoming 10 8 10 8
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December 23rd, 2009 at 9:31 am
They can keep it on their books for ever. They can’t can not do anything to attempt to collect on it.
So….if you are asking because you want to do business with them again, and they refused because your BK is still on their books, there is nothing you can do about it. Do your business elsewhere.