Doug Hoyes: My company, Hoyes Michalos & Associates posts lot of information on 310Plan Twitter web page and now we have a lot of responses. Clearly all of the material that individuals post is all about financial obligation so we get a lot of people commenting on how best to avoid spending financial obligation without going bankrupt or filing a customer proposition.
It’s very common for the commentator on our Facebook web web page to express something such as don’t stress, when your debt is old you don’t have actually to cover it, it simply goes away completely. Well, is the fact that true? exactly What actually takes place to debts that are old? Must you pay them? Well, those will be the concerns I’m planning to respond to on this Technical Tidbits edition of Debt Free in 30 today.
Now before we discuss what the results are to old debts let’s start with a far more basic concern, what is a debt that is old?
Well, there are three possible responses compared to that concern.