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Bankruptcy Law

Is there a Time limit on a debt if no contact has been made?


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2008-08-26 14:18:45
2008-08-26 14:18:45

In so many words, the creditor is under no obligation to take actions to collect, (although at some point they have to have attempt to demanded payment (the debtor simply moving or avoiding notice doesn't work), which that very first letter saying you were late, please pay qualifies as), however: THE DEBTOR IS ALWAYS BOUND TO PAY, IN ACCORD WITH THE AGREEMENT THEY SWORE TO WHEN INCURING THE DEBT....they do not get to be excused from it simply by not doing it.

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Yes, after the estate has been probated, the time has expired.

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Nothing can happen after the limit has been reached. However, the time limit does not start until the last acknowledgement of the debt, which could be a payment or an oral admission of the debt being valid.

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Nope. A debt is a debt, and you are liable for it until it is paid.

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A judgement for debt - is a ruling by a court - detailing what and how much the debtor must pay (and any time-limit to repay the debt).

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There is no constitutional limit on the size of the national debt. Congress establishes a limit above which the debt cannot go. However, it periodically raises this limit as the need for more spending arises.


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