Is there a statute of limitations when it comes to debt?

Question

Is there a certain amount of time that creditors have to sue if they want to get their money?

Answer 1

Oh boy. Well, you need to check your state's laws regarding the SOL in your state. There are some states that do limit the time to collect on a debt. However, if you don't live in one of those states, there is NO statute of limitations and they can come after you for the rest of your life for the money. They usually don't. After a short period of time they sell the account to a collection agency. If the collection agency cannot collect the debt through intimidation and empty threats (and as a former bill collector I can tell you that they ARE empty threats), then the company has to choose whether to sue you for the amount owed or charge it off. If they sue you then it goes to court and a judge orders the debt paid. You can pay or not. If you don't pay, the company can exercise one of several legal remedies such as wage garnishment, liens, and such. If the company opts for charge off then that is the end of the matter as their insurance company pays them for the loss of income. When this happens they no longer have a legal claim to your debt. Of course the downside is that it is reported to the credit bureaus, those bastions of honesty and integrity that they are (tongue firmly in cheek here). But there are ways around that, too. But that is another answer for another question.

Answer 2

depends what state you live in goggle/or yahoo search "statue of limitations debt" that way you will match up your debt with your state. keep in mind if you lived in a different state when you took out the debt the creditor has the right to chose that state. Meaning that they can pick the state with the longer SOL. now after researching that info.
1) if it is outside of the SOL send them a letter demanding ceist all communications with you and the this debt is outside of the Statue of Limitations.
2) if is within send them a debt validation of debt first where they must provide statements original contract signed. If it is in hand of a junk debt buyer "buy debts like 4-5 years old" they most likely don't have that info. it could be tossed out in court.

Answer 3

7 years on some debts, in most states. Medical is usually 7 years. Student loans there are usually no statute of limitations.

Answer 4

The SOL varies by state and type of debt, but usually it's from 4-6 years. Items may only remain on your credit report for 7 years, regardless of the SOL.

Answer 5

Yes. It varies by state, but is usually 4 to 6 years.

After that the debt is no longer legally enforceable.

Answer 6

a million. Get your date of final money for each debt. Dont be afraid to call the business enterprise and ask them for the suggestion. 2. NEGOTIATE!!!! in case you fairly need to pay your debt, make promises! Hiring an legal professional or a debt consolidation business enterprise is a waste of money. you're able to do each thing they are able to DO. Get all promises in writing. determine they are particular. 3. have self belief it or not, maximum businesses provide you a pair months to pay settlement promises. in the event that they provide you a profitable settlement grant...ask them in case you may ruin it down in 3-4 money. (verify to get each thing in writing) 4. call on the top OF THE MONTH. this could be a significant step in settling. businesses are greater services to settling decrease promises on the top of the month. 5. whilst everythings stated and executed...stay THE HECK OUT OF DEBT.

Answer 7

If a Bankrupcy is filed it is 7 years for all outstanding debts. Except taxes and a few other things.

Answer 8

tecnicaly no but it depedns on the state in wich the dept was accruded and the limitation check fistgov.gov under finances or creditors .. goodluck

Answer 9

varies from state to state. 7 years could be less though.