Debt and Bankruptcy
Texas A and M
Can a doctor collect a debt more than 2 years old?
Can a collection agency sue to collect an old debt?
Can a debt collection agency file a law suit against me for a debt that's over 10yrs?
Unless you file for bankruptcy, a debt is a debt. The agency will do everything in its power to find you and collect on the debt. There are limits to what they are premitted to do, but as long as they are willing to spend cash to find you, they'll keep going. As far as I know, in federal law, a debt is legally collectible until 7 years have passed. Once that time has passed, attempts to collect must be with your agreement. If it is a collection agency, they must cease and desist at your request if the debt is more than 7 years old.
Asked in Divorce and Marriage Law, Social Security
How would an annulment affect Social Security benefits for your exwife?
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.
Asked in Debt Collection
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.
Can debt collectors still collect if debt is more than seven years without contact?
Asked in Repossession, Credit Reports, Debt Collection
Can a creditor attempt to collect a debt after 7 years?
Asked in Business Law
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.
Asked in Debt Collection
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.
Asked in Debt and Bankruptcy
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?
Asked in Debt and Bankruptcy
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".
Asked in Business Accounting and Bookkeeping
When is bad debt expense debited for uncollectible accounts?
In the state of Pennsylvania can a company come to a persons job to collect a debt?
Asked in Maryland
How long can debt collectors collect in Maryland?
There is no limitation on how long a bill collector has to attempt to collect a debt. The statute of limitations on taking legal action is another matter. Even if your bill is old, and no longer shows on your credit report, a bill collector can still attempt to collect it from you. If it's over the statute of limitations, they would not be able to collect in court, but they are not prohibited from contacting you for payment. Refer to the Fair Debt Collection Practices Act (FDCPA) for more information on the Federal law governing collection activity.
Asked in Bankruptcy Law
What happens to your debt when you go overseas. Can a USA debt collection company follow you?
Asked in Personal Finance, Economics
What has been the trend of the public debt over the past 20 years?
Can debt collectors come after you for more money if you can't make a payment?
Can a collection agency attempt to collect on a debt that is almost 10 years old?
Yes, with 10 years interest. What about statute of limitations? Well, they can sure TRY, but I wouldn't worry about it too much. And if it becomes a case of where they are harassing you, YOU most likely have the more powerful position at this point and can take steps to halt their harassing ways. After the statute of limitations has expired (check with your state to find out exactly how long this is), there is very little legal recourse the collection agency has to collect on the debt owed. Once it has become outdated and removed from your credit report ( after 7 years), it can never again be reported (LEGALLY). I can tell you, I have one now trying to collect a debt that is back from 1991 AND had actually been paid to the original lender. They (collection agencies) are like a bunch of sharks!
Can a debt collector still try to collect on a 22 year old debt?
Yes, a debt collector could try to collect it. However unless this is a judgment the statute of limitations have expired and they would not be able to sue you or take any legal actions. They could not even threaten to take any such legal actions or reporting to credit and if they did they would be violating 15 USC 1692e § 807 which forbids a debt collector from use any false, deceptive, or misleading representation or means in connection with the collection of any debt. If this is a judgment then that may change the answer, since some states have judgments that last more then 20 years, some even forever.
Asked in Credit and Debit Cards, Credit
Can a debt collector ask you to pay for a credit card debt that is more thn 7 years old?
What percentage of a debt will a debt collection agency pay for a debt?
One answer About 8 cents per dollar (for unsecured debt). Secured debt (car loans, etc.) will usually be priced higher because there is more of a prospect for collecting at least a portion of the money. More input You might wish to read the Related Question, and also the Answer.com articles, listed further down this page. For business debt companies work different ways, usually collection agencies that collect business to business charge by comission, this is based on different variables like; amount placed, number of debt placed and age, can be from 15,20 up to 30 or 35 porcent, others work in contingency basis, meaning that when they collect they charge
Asked in Business & Finance
Can a credit card company sue you after fourteen years?
This will depend on the statute of limitations in your state but there are also other factors that will determine whether or not they can as well. The statute of limitations for your state is dependent on when the last time you made a payment or used the card. So, if you made a payment two years ago on the debt but it's been fourteen years since the last item was charged on your card you only have two years towards the statute of limitations not fourteen. Often, credit card company collection agencies will tell you that they will sue you even if the debt has passed the statute of limitations in order to try to collect on outdated debt. After the statute has passed the company has no legal right to collect it. Additionally, in most cases if the debt is more than 10 years old since the last payment had been made, it is not allowed to be on your credit report. Interestingly, if your states statute of limitations is five years, it can still be posted to your credit report until the 10 years has fully elapsed.
Can a debt collector try to collect a debt from me just because i have the same first name as the person who owes the debt?
nope. I would think a debt collector would base his actions on more than a first name. ie. lastname, middlename, social security number, address, place of employment, relatives, and so on. Tell them that you dispute the debt. They have 30 days to prove the validity of the debt. If they fail to do so, they must cease their efforts.