This is sort of part 2 of my last question....Thanks to those who replied. I really appreciate it. A lot of the answers I received mentioned "Statute of Lim." for my state. So my next Question is...my old debts were incurred back when I lived in CA. I recently moved to AZ. Does the statute reset? Or now does the statute for AZ apply to my debts that I originally incurred when I was living in CA?
Thanks again for the replies.
2007-02-05 04:00:05 · 3 answers · asked by Confused247 1 in Business & Finance ➔ Credit
They apply to the state that the the debt occurred,what ever state you were in the statute of that state is the one that applies
seven years is the norm.
2007-02-05 04:14:19 · answer #1 · answered by metalman 3 · 1⤊ 0⤋
The SOL applies where you incurred the debt. If you move, the SOL can "toll"...that is, be put on hold until you come back. Two things can happen:
(1) If you're not moving back, the SOL can effectively toll forever....but there can also be no collection, so you don't have to worry about the debt.
-or-
(2) The lender might attempt to get a judgment and serve you at your old address. Then they might try to domesticate (transfer) the judgment to your new location. Bottom line is, always answer a summons. Domesticated judgments, especially default ones, are difficult to move. Most states don't accept them because they are generally considered "weak" judgments.
All things considered, it's very difficult to collect on an out of state debt.
2007-02-05 05:08:24 · answer #2 · answered by Kevin K 3 · 1⤊ 0⤋
This is the correct answer i swear by it. If you have lived in AZ for 6 months or more they get to choose whatever state has the longer SOL..
2007-02-05 07:40:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋