used car voluntary repo... roll off?

[sissymarie559]

okay, in 2001 i had a car repoed (voluntarly) at the ripe age of 18. I only had the car for two months, had a 9,000 loan out and then the car sold for 4.000. I still owe 5,000 and have never made a single payment because of financial situations. anyways, the last contact i've had from them is that i owe the amount in full, and i've never been sued by them or anything... i heard that after 7 or 10 years the debt will roll off of my credit if i pay it or not.. is this true or will i be owing for this car forever (with all the interest attached i can't even imagine what the total is) am i a canidate for bankruptcy ?

 

[Michael Wechsler]

okay, in 2001 i had a car repoed (voluntarly) at the ripe age of 18. I only had the car for two months, had a 9,000 loan out and then the car sold for 4.000. I still owe 5,000 and have never made a single payment because of financial situations. anyways, the last contact i've had from them is that i owe the amount in full, and i've never been sued by them or anything... i heard that after 7 or 10 years the debt will roll off of my credit if i pay it or not.. is this true or will i be owing for this car forever (with all the interest attached i can't even imagine what the total is) am i a canidate for bankruptcy ?

The 7 year rule you are talking about reporting on a credit report. This doesn't mean that you won't be sued for the amount and then have a judgment entered and lien filed against you. That lien could site for a long time.

Bankruptcy is not something to be considered lightly either and used only when there are no other viable alternatives.