2007-02-13 09:09:30 · 5 answers · asked by mamatoys 1 in Business & Finance ➔ Credit
They can attempt to collect it indefinitely. It can only be reported on your credit file for a certain period of time. Usually 7 years.
2007-02-17 08:49:37 · answer #1 · answered by lehaoz 2 · 0⤊ 0⤋
It depends on what the debt is for, what security is involved and what state you live in.
Certain Federal and State agencies will not recognize a statute of limitations on things like student loans and income tax evasion.
Also if a legal judgment was obtained that can extend the creditors rights for many, many years.
There are also some circumstances where the individual makes a written statement (or payment) owning up to the debt which could "refresh the statute of limitations.
2007-02-13 17:18:09 · answer #2 · answered by Ronatnyu 7 · 0⤊ 0⤋
They can technically come after you, but I would write them a letter stating that the SOL (Statute of Limitations) has run out on it and it is no longer collectible. If they took you to court you can tell the judge the same thing and they won't even be able to collect it there. The only exception to this is things like child support, taxes and loans from the government.
2007-02-13 17:13:32 · answer #3 · answered by ♥ Mary ♥ 4 · 0⤊ 0⤋
until you pay it or you declare bankruptcy and the court forgives the debt
2007-02-13 17:12:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
if you pay they win, if you don't pay you win. don't even acknowledge the bill.
2007-02-13 17:19:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋