Does the Statute of Limitations apply to all debts?

Question

I'm talking anywhere from Medical Bills to unpaid balances from an old checking account. Don't judge me... none of my debts are anywhere near to reaching their SOL, nor do I plan on waiting them out until then. I'm just curious.

Answer 1

It all depends.
Depends on which statutes you are talking about. States vary depending on the type of debt. If you are waiting out your states limitations on the debt, that would only refer to the time limits a collection agency has to sue in you in court. A collection agency can still contact you past the limitations unless you file a letter of no contact.
The limitations as used by the credit reporting agencies are different and are as follows.

Here are the federal guidelines for reporting

The credit bureaus keep your personal credit history for periods between 7 and 10 years:
Unpaid Tax Lien - Indefinitely
Chapter 7 Bankruptcies - 10 years from date filed.
Public Records - 7 years from the date of payment;
Closed or Inactive Accounts - 10 years from the date of last activity;
Derogatory Accounts - 7 years from the date of original delinquency;

Answer 2

True, a judgement does have a limitation which varies by state. But, in most, if not all states, that judgement can be renewed (the correct term?) and the statute of limitations starts all over again.
As for your question: The laws regarding this vary from state to state according to what type of debt it is, such as a written contract, and so on. The laws which apply to debt collection can be a totally confusing thing to most people, and most debt collectors will take advantage of that fact and use it to their advantage whenever possible. There are so many factors that have to be considered, and the reality of the whole thing is that the consumer really doesn't have anyone to turn to if their rights have been violated. Sure, you can call the FTC help line, but that will get you nowhere. Been there, done that. And to initiate a lawsuit? You must be able to prove that you have been harmed in some way - that you suffered damages, that sort of thing. And that can be difficut to do.
The best thing to do is always pay bills on time, and keep within your monetary limits. Go overboard, and you can pay a huge price which can haunt you for years to come if you are not careful...

Answer 3

The SOL in basic terms prevents them from getting a judgment against you. The SOL is moot right here bc they have been given a judgment back in 2009, properly interior the SOL era. In maximum jurisdictions judgments are good for ten years, and then they must be renewed. they are able to be renewed infinitely. because of the fact which you're on SSI they can't take those money. yet once you have ever made a deposit in that account of money from yet another source, ever, they are able to freeze your account and spot if there is money they are able to take.

Answer 4

They are different for each State, I have posted a link so you can look up yours.

And the first poster is not correct, judgments do have S.O.L.s.



http://www.bcsalliance.com/index.html

Answer 5

Not taxes or judgements