what is the statute of limitations for paying back a creditor?

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what is the statute of limitations for paying back a creditor?

A friend of mine was told by her lawyer that a creditor has 5 years to try to collect on a debt, after that they are no longer able to take action legally.

2007-11-08 06:24:38 · 3 answers · asked by greg_lang2006 1 in Politics & Government ➔ Law & Ethics

3 answers

That's true, though it's actually technically five years from the last payment on it that was made.

2007-11-08 06:32:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋

It varies by state, If a lawyer in your state made that statement I would tend to believe them. This site has some interesting information about collections. http://www.fair-debt-collection.com/

2007-11-08 14:28:20 · answer #2 · answered by davidmi711 7 · 0⤊ 0⤋

why are we to question the authority of an attorney.

2007-11-08 14:27:56 · answer #3 · answered by jack spicer 5 · 0⤊ 0⤋