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What else can I help you with?
Can a collection agency sue to collect an old debt?
If the debt has not been paid on in more than seven years than no. Otherwise yes.
Can debt collectors still collect if debt is more than seven years without contact?
Hello, Please search in google for State Statute of limitation. I could have answered that, if i knew which type of debt it is and which type of contract you have along with your state. You should get the answer, there are a lot of websites that have State Statute of limitation. Thanks!
Can a creditor attempt to collect a debt after 7 years?
Yes they can, but more than likely depending on your states laws the debt is probably beyond SOL for legal recourse. I would check my states laws and see, if it is beyond SOL I would send them a Cease & Desist letter.
Can a secondary collection agency collect on a charge-off when the debt is over 3 years old and the original creditor has declared bankruptcy?
More than likely. Three years is not long enough for an SOL to expire. What probably happened was, the account was bought from the creditor, which is common practice. The BK of the original creditor, has no relevancy if the debt was sold.
How long does a debetor have to collect before the debt becomes nul and void?
Creditors can try to collect forever. The SOL for filing suit is different for different kinds of debt in different states. Once this SOL is past, you can not successfully sue you for the debt. If you are sued after this SOL is up, you have to tell the judge that the debt is past the SOL. That along with a copy of a credit report showing the DOLA is more than the SOL. Most debt will then fall off your CR's after 7 years. The OC has 7 years from the charge off date to claim the loss on tax returns. Most credit card issuers will claim this the next year after to get the loss off their books. This is called 'writing off the debt'. At this point the debt is erased from the OC's general ledger. Once this happens, the debt no longer exists. A debt collector can still try to collect on it, but, you no longer have an obligation to pay. This is a good defense for Debt buyers.
Will an annulment affect Social Security?
If you were married more than ten years she can collect on your benefit. See related link.If you were married more than ten years she can collect on your benefit. See related link.If you were married more than ten years she can collect on your benefit. See related link.If you were married more than ten years she can collect on your benefit. See related link.
Can debt collectors still collect if debt is more than 5 years old?
That depends on the state in which the transaction took place and the type of debt. The statute of limitations (SOL) varies from state to state, and in many states it also differs with various types of debt, and whether or not there is a written contract. On average, the SOL is about 5 years, but it can be as short as two and as long as 20, so you'll need to check for the type of debt in the applicable state. The statute of limitations does not make the debt go away - but it does block the creditor from suing you, garnishing wages, or posting a negative on your credit report. They are still allowed to send letters and call you to attempt to collect - but they cannot threaten to sue or anything they are not legally allowed to do.
Can a credit debt be collected after 7 years?
Excellent question! The answer is YES! A debt can only be reported for seven years on your credit report, and then, by law, it must fall off your report. But this has nothing to do with the viability of the debt, which remains collectible, theoretically forever. However, once the debt passes the state statute of limitations, the collector may no longer sue to collect the debt. At this point, many collectors will write off the debt, and issue the debtor a 1099 form for the debt as income. Recent changes to the IRS tax laws make this more likely to occur. Once this happens, the debt is null and void, as it has been forgiven by the collector.
Can a debt be collected after 7 years?
Excellent question! The answer is YES! A debt can only be reported for seven years on your credit report, and then, by law, it must fall off your report. But this has nothing to do with the viability of the debt, which remains collectible, theoretically forever. However, once the debt passes the state statute of limitations, the collector may no longer sue to collect the debt. At this point, many collectors will write off the debt, and issue the debtor a 1099 form for the debt as income. Recent changes to the IRS tax laws make this more likely to occur. Once this happens, the debt is null and void, as it has been forgiven by the collector.
How long can you collect on a debt in Virginia?
open accounts - 3 years (from the date of last activity) Go to this website for more info: http://www.fair-debt-collection.com/statue-limitations.html Please read this link fully...and understand what it says. It explains the periods given are for the Statute of Limitations for types of debts....and the SOL is only for using the court system to get a judgment...one of the many ways to collect a debt. The debt in fact remains owed and collectable through any other mean for virtually forever. "Statute of Limitations (SoL) on debt is the legal time limit that bars enforcement of the debt through the court system".
What happens to your debt when you go overseas. Can a USA debt collection company follow you?
It depends on the law of the jurisdiction where you live. Some will not recognize a U.S. judgment. Others will. It does make it more difficult for your creditors to collect from you. The debt, however, remains outstanding.
When is bad debt expense debited for uncollectible accounts?
when there is certainty that the amount is no longer recoverable, despite all efforts to collect it. Generally when a debtor become bankrupt or die. or the cost of pursuing the debtor to pay the debt is more then debt it self
