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There is no specific amount of years that you are responsible for a debt. This depends entirely of the terms of the debt.
Wiki User
∙ 9y ago
The length of time you are responsible for a debt depends on the type of debt and the statute of limitations in your state, typically ranging from 3 to 10 years. However, it's important to note that even after the statute of limitations has passed, the debt still exists, but the creditor can no longer sue you for payment.
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In Canadian Law am I responsible for my spouse's credit card debt?
In general, you are not responsible for your spouse's credit card debt in Canada unless you have jointly signed for the debt or benefited from the purchases made with the card. It is always advisable to seek legal advice tailored to your specific situation.
How many years can a creditor come after you?
The statute of limitations for creditors to pursue a debt varies by state and type of debt, but it typically ranges from 3 to 10 years. After this period, creditors can no longer sue you to collect the debt, though they may still attempt to collect it through other means.
Does South Carolina make spouses responsible for the others debt in their name only?
In South Carolina, spouses are generally not responsible for debts that are solely in the other spouse's name. However, if the debt was incurred for household necessities or was jointly agreed upon, both spouses may be held liable. Consulting with a legal professional for guidance on your specific situation is recommended.
What is the statute of limitation on credit card debt in texas?
In Texas, the statute of limitations on credit card debt is typically 4 years. This means that creditors have up to four years to file a lawsuit to collect the debt. After this time period has passed, the debt is considered "time-barred" and creditors can no longer sue for payment.
IS a spouse responsible for their spouses debt in New York?
In New York, spouses are generally not responsible for each other's separate debts. However, debts incurred during the marriage may be considered marital debt, and both spouses may be responsible for that debt, regardless of which spouse incurred it.
Who is responsible for church debt?
The responsibility for church debt typically lies with the church leadership, such as the board of trustees or elders. They are accountable for managing the finances and making decisions related to borrowing money or accumulating debt on behalf of the church. Members of the congregation may also play a role in addressing or supporting the repayment of church debt through donations or fundraisers.
My Step-father died am i responsible for his debt?
No, you are not responsible for his debt. His estate has that responsibility.
Who is responsible for marital debt?
Both of the spouses are responsible for the debt. They both benefited from the debt, so they are held responsibility.
Are you responsible for your siblings debt?
You are not responsible for your sibling's debt unless you co-signed and agreed to be responsible for it. If you co-sign for a debt and the primary borrower doesn't pay then you will be held responsible for repayment.
What if the cosigner dies Is the estate responsible for this debt?
The loan could be held as a claim against the estate. Such things can cause an estate to take many years to settle.
Are you responsible for a debt from 2003?
That depends on the state or country in question. The date starts from the last payment or acknowledgement of the debt. In some places it is as long as 10 years.
Is a divorced spouse of 10 years responsible for credit card debt after the ex-husband dies?
If the debt is less that seven years old and if the spouse was a joint account holder, then the spouse would be responsible for the debt. If, however, it was a separate account or the surviving spouse was only an authorized user on the account, they are not responsible for the debt. * The 7 years relates to the length of time that the information can remain on the credit report. There is no time limit on debt collection only on the amount of time that the creditor has to pursue legal action to recover money owed (debt statute of limitations). You would be responsible for a joint account only, although it is not unusual for creditors to attempt to collect from authorized user's whether or not they are a spouse of the account holder.
Who is responsible for debt if a bank cancels a credit card?
The person who carried the card is still responsible for the debt.
Are you responsible for your deceased mother's debt with an applicance store?
If you were not listed as a joint account holder you are not responsible for the debt.
Who is responsible for debt when a person dies in Washington?
The estate is responsible for debt. That is one of the reasons for opening probate.
Is wife responsible for any debt if the husband cosigned a loan for their son in a divorce?
It's up to the judge and the laws in your state, but probably not. Likely you will be responsible for your exclusive debt, she will be responsible for her exclusive debt, and you will split shared debt and assets.
Is an executor responsible for the debt?
Not personally. The estate is responsible.
