What's the Statute of Limitations on My Debt?
Monday November 12, 2007
Every few weeks, I get questions from readers wanting to know the statute of limitations on their debt. Someone's told these consumers there's a time limit that debt collectors have to collect on a debt. That's true and false.
The statute of limitations doesn't keep collectors from attempting to collect from you. Nor does it keep them from reporting the debt on your credit report. Technically, a collector can even file a lawsuit against you after the statute of limitations has expired. If that happens, it is up to you (or your attorney) to present the with judge evidence that the statute of limitations has expired.
In essence, the statute of limitations works in your favor only if you're sued for a debt and you can provide proof that the statute of limitations on that debt has expired. If the statute has expired and collectors are still trying to collect from you, sending a cease and desist letter is a viable solution.
More Reading:
Debt Statute of Limitations | Stop Debt Collector Calls | Credit Reporting Time Limits
The statute of limitations doesn't keep collectors from attempting to collect from you. Nor does it keep them from reporting the debt on your credit report. Technically, a collector can even file a lawsuit against you after the statute of limitations has expired. If that happens, it is up to you (or your attorney) to present the with judge evidence that the statute of limitations has expired.
In essence, the statute of limitations works in your favor only if you're sued for a debt and you can provide proof that the statute of limitations on that debt has expired. If the statute has expired and collectors are still trying to collect from you, sending a cease and desist letter is a viable solution.
More Reading:
Debt Statute of Limitations | Stop Debt Collector Calls | Credit Reporting Time Limits
Comments
Firstly, getting out of debt is not easy! It takes a lot of home work and it may even mean a mixture of options mentioned in your post. If in doubt you should always seek the help of an ‘independent’ debt advisor who can offer some free advice initially. And if possible always try and find an advisor that is recommended by someone you know.
can a child support collection fall under the statute of limitations? the statute has long since past on any court action
If you incurred a debt in a state with a higher limitation than the state you live in, which one applies? Example: Louisiana has a limit of 10 years while Texas has a limit of 4 years and I have always been a resident of Texas but incurred a debt in Louisiana