SOL's only apply to the amount of time that the creditor has to file a lawsuit against the debtor.
GOOD Seek help from a consumer credit organization in your area and make arrangements to handle this BEFORE you get sued
If someone owes you money, you can not put a notice on their credit report of an upcoming lawsuit. A judgment must be entered in court, before it can be reported to a credit report.
A credit card company may win a lawsuit against you to garnish your disability or retirement checks.
Yes, if they get a judgment against you, and most do. Once the judgment has been entered and is public record, that judgment will go on your credit reports and it will tank your credit scores.
Simplified version: File a lawsuit, win the suit, receive a writ of judgment, execute the judgment as a wage garnishment against the debtor/defendant. The average length of time from the filing to the hearing of a creditor vs.debtor lawsuit is 15 months.
If the credit card company who put the lien on your property won a lawsuit - making it a judgement, then the charges never go away. When you sell the property, the first monies you get will go to them.
Georgia's Own Credit Union
Plaintiff's do not enter a judgment on the defendant/debtor's credit report. Private agencies research court records and report civil lawsuit judgments that have been entered against a debtor to the credit bureaus.
After the creditor wins a lawsuit and has been awarded a judgment against the debtor and then files the judgment as a wage garnishment action.
Credit cards are considered "open accounts" the SOL in Arizona is 3 years. SOL's only apply to the time limit in which a creditor can FILE the lawsuit. It is possible to be served with a lawsuit summons after three years if the creditor filed before the SOL expired.