Creditor Lawsuits

• A creditor cannot sue you if four years have passed since the original debt was incurred, according to Texas code 16.004. However, a creditor such as a bank can legally try to collect the debt by other means.
  
  

Credit Reporting

• Most negative credit reporting can only last for seven years from the date of delinquency under federal and state laws, according to Experian. But if you declare Chapter 7 bankruptcy in Texas or any other state, negative credit reports will remain for 10 years from the date you filed your case.
  
  

Bankruptcy Law

• No matter how serious your financial situation, you can't legally discharge your obligation to pay certain debts, including child support, alimony and court fines, according to the United States Bankruptcy Court and the book "How to File for Chapter 7 Bankruptcy."