One judgment was filed in 2000. That same judgment was filed a year later in the public record in the form of an "abstract of judgment" This later abstract was filed in September of 2001, but the original judgment was filed in May of 2000. The May date is over the seven year statute of limitations but the abstract isn't. When do I count the seven years? From that later abstact or the earlier judgment?
Please help if you can thanks
2007-04-02 05:48:40 · 3 answers · asked by Mr. love 3 in Business & Finance ➔ Credit
You would go by the date the judgment was filed for your reporting SOL.
Which is 7 years from May, 2000.
2007-04-02 07:51:18 · answer #1 · answered by echo 7 · 0⤊ 0⤋
The date of the judgment is immaterial in determing the statute of limitations. You say you have a seven year statute of limitations, which is long for most states for either contracts or personal injury. But assuming you are correct, the suit had to have been filed before the seven years were up, otherwise it would have been dismissed.
It could take several months to a year or more for a judgment to be actually entered. The date of the judgment has nothing to do with the statute of limitations.
In most states, judgements are valid for 20 to 30 years and carry interest, so it would be wise to pay it off.
2007-04-02 07:37:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Ther is no 7 year rule here. Judgements are big time legal, not in the same category as your 30 day late on Macy's or your bounced check at Bolckbuster.
Time to honor your commitments and pay up. You're not getting out of this one.
2007-04-02 07:59:37 · answer #3 · answered by sdmike 5 · 1⤊ 0⤋