Asked in LoansTax Refunds
Do you still owe after 20yrs?
June 14, 2014 2:43PM
It depends entirely on what the loan agreement you have or tax law you are subject to.
Under the Fair Debt Collections Practises Act and Graham-Leech-Bliley:
If you do not owe the debt to the government (taxes, student loans, etc.), you are responsible for payment for seven years from the date of last payment (in the event no judgement is secured on the debt), or ten years from the date of last payment in the event of a judgement. In the case of a judgement, the cut off date can extend in perpetuity depending on how the creditor collects.