If so, how long and does it cover all types of debt, eg, house repo with outstanding balance,banks, etc
2007-03-15 07:10:28 · 5 answers · asked by tom 1 in Business & Finance ➔ Other - Business & Finance
It depends on the debt:
personal debt: 6 years
mortgage debt: 12 years
made bankrupt: 1yr
If in doubt contact a lawyer.
I have practised in Debt law for many years.
2007-03-18 23:16:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Every state has its own statue of limitation. So really it would depend on the state. But when calculating the date, it starts once the debt is past due over 90 days (it may be 120 days). But once you pay something on the debt the date is reset.
2007-03-15 07:53:20 · answer #2 · answered by Primdiva 3 · 1⤊ 0⤋
There is companies advertising debts wiped out after 5 years.
2007-03-15 07:18:46 · answer #3 · answered by Ollie 7 · 0⤊ 0⤋
as far as i know its 7yrs but what i've also read is if its passed on to another company to follow through getting back the money that's another 7 yrs
2007-03-15 07:21:37 · answer #4 · answered by babyonlyne 3 · 0⤊ 0⤋
Does this aply to student loans?!?!?!
2007-03-15 21:01:09 · answer #5 · answered by Mikey G 2 · 0⤊ 0⤋