Anonymous asked in Business & FinancePersonal Finance · 4 weeks ago

Will my $90000 debt go away in 7 years?

I owe that much in medical bills from all the drug overdoses and inpatient care I’ve been getting . I’m 26 now and I’ve been snorting coke and shooting dope since I was 14. I have now been clean for two months and I am trying to better my life and improve my credit score but I have no means of repaying this debt. I don’t even have a job atm

7 Answers

  • Anonymous
    4 weeks ago

    You don't have a job, so income wise you qualify for filing chapter 7 bankruptcy that will make your medical debts "go away." The bankruptcy will go on your credit report, trash your credit score but you can rebuild your score. Nothing other than bankruptcy will make your debt "go away."

    Your biggest problem right now is finding the money to pay an attorney to file for bankruptcy...

  • Amy
    Lv 7
    4 weeks ago

    You'll stop owing the debt when you file bankruptcy. 

    The bankruptcy will stop affecting your credit score after 7 to 10 years.That won't stop collections agencies who buy the debt from your hospital. They'll keep calling you and making demands and threats. 

  • Eva
    Lv 7
    4 weeks ago

    Your only choice is to declare bankruptcy since your credit is trashed already. The debt is not going to magically go away on it's own. Congrats on being 2 months sober. Keep it up.

  • 4 weeks ago

    7 years, falling off - it's myth.  There is no such thing.  It will never go away until it is paid off and it will increase at about 10 percent per annum.  Eventually, your debt will be sent to collections.  They will try to collect from you, usually over several months.  When they determine they are unsuccessful, then they hand the debt back to the creditor who will sue you.  Interest starts from the date the debt was incurred.  You will have to pay for court costs as well, and all efforts at collection - likely well over $100k at this point.  I hope you have a good job.  Your best choice would be to figure out what you can pay and pay it monthly, consistently.  If it is an acceptable amount to the hospital, then it will hold off a lawsuit but with that huge debt, you are going to have to pay a good chunk of money every month.  Debts do not necessarily ever disappear from a credit report.  It depends on whether they choose to drop it from your report, after several years.

    Source(s): Certified Paralegal, with 25+ years' experience.
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  • 4 weeks ago

    No.  After 7 or 7 1/2 years, it is removed from your credit report, but it does not "go away".  You still owe the money; it just isn't shown on your credit report.

  • 4 weeks ago

    There is a difference between information on your credit report and money owed.

    The information will remain on your credit report for 7.5 years from the date of demand.

    How long is the money collectible?  In my state it's 4 years (statute of limitations) + 20 years collections after a judgement. 

    Your isn't the main thing you should be thinking about.

    Put one foot in front of the other, do what's right which means paying your bills and your credit score will come along as you do.

  • g
    Lv 7
    4 weeks ago

    It will go away when you pay it off. You cant improve your credit score by leaving bad debts out there. That's not how it works at all!

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