2007-03-26 17:07:23 · 3 answers · asked by Fido 1 in Business & Finance ➔ Credit
It depends on your state's statute of limitation (sol).
It can be as little as 3 years in some states to as many as 15 in others depending on the type of debt. Credit cards are always open accounts.
Usually collection agencies wait until the SOL is almost up before they try to sue you.
To check your state's SOL check the link below:
http://creditinfocenter.com/rebuild/statuteLimitations.shtml
2007-03-26 17:11:02 · answer #1 · answered by Ti 7 · 0⤊ 0⤋
Your answer depends on the state that you reside in. Mostly it depends on the dollar amount that is owed and if you have any assets.
Filing suit has to be worth the attorneys time and effort. Also there has to be something to 'get' from you. If you have nothing, the agency or creditor will get nothing.
However, if it is a large enough debt and you have a potential to earn more in the future, the creditor may seek a judgement that may be enforcable for up to 10 years from the date of award.
Your best bet is always to settle up with your legal and just debts. Avoiding them may only stifle your future opportunities.
2007-03-27 00:30:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yep. Sorry but 7 years is the statute, and even longer in some places.
2007-03-27 00:11:20 · answer #3 · answered by dreamed1 4 · 0⤊ 1⤋