For $10,000 in debt, I would never recommend bankruptcy for anyone. If you want to try to settle this debt, have cash ready to wire if you ink a deal with the creditor & expect to settle for $3,000 - $4,000. If a lawsuit has been filed and a judgment was entered, the SOL no longer applies. The SOL only applies to debts in which a creditor has not sued. The life of a court judgment is much longer than the SOL and it is renewable, giving the judgment, like a vampire, near immortality. While it sits, in accrues interest which can easily double the amount you owe in a very short time.
Answered on Jun 22nd, 2015 at 11:26 AM