First off, it is likely that the statute of limitations for the state you live in for ';open ended'; (ie, credit card) debt has expired. Refer to this chart to see how many years your state law specifies:
http://www.creditinfocenter.com/rebuild/鈥?/a>
If your state is less than 6 years, you do not owe the debt anymore (rather, the debt is not enforceable by law). Morally, you still owe it, if it is a valid charge.
The debt will remain on your credit report until the 7 year mark.
No, do not file bankruptcy if you can avoid it, at all costs!
Good luckAdvice on a credit report problem?
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Wait for the 7 years to expire. Filing bankruptcy will stay on your credit reports for 10 years!
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