0
Is there a statute of limitations on repossessed debts owed or are they indefinite after the court has found you in default?
Wiki User
∙ 19y ago
Yes the SOL varies by state.
Wiki User
∙ 19y ago
Add your answer:
Earn +20 pts
What is statute of limitations on SBA loan default?
What is the statute of limitations for an SBA loan in NC
How long can they try to collect money from a repossessed car?
Until the Statute of Limitations tolls on the judgement.
Can an auto be repossessed after the contractual statute of limitations has passed in Virginia?
The statute of limitations on a written agreement in Virginia is five years. The date when it starts running may be difficult to determine, but it is possible.
What is the statute of limitations on a judgment in Colorado?
Judgments generally remain on a CR for seven years. In some cases a judgment can be renewed and therefore it is possible for it to remain an indefinite period of time.
Is there a statute of limitations on a loan for a car repossessed 7 years ago?
Depends on what state you are in. Call a local attorney for state specific advice.
If the loan on your car was charged off then the lender has written it off as a loss but not repoed it. do you still owe the loan?
Yes. The statute of limitations governs how long you remain liable, in the sense that once the statute has expired, a suit by the creditor will be dismissed if the debtor raises the statute of limitations as a defense. In general, the statute of limitations begins to run when you default on the note or vehicle installment sales contract, not when the car is repossessed. Repossession is one remedy available to a creditor who has a security interest, but it is not the only one. Very few notes limit a creditor to a single remedy. In general, the creditor can also bring a suit against you for the balance owed regardless of whether or not the collateral is repossessed. In most states, the statute of limitations will begin to run when you missed enough payments to meet the definition of "default" specified in the contract or note. Relying on the statute of limitations to avoid a debt has its risks. The statute may be "tolled" by a variety of acts. Leaving the state where the debt was contracted, for example, often stops the clock until you return. In many states, making a partial payment sets the clock back to 0, so the limitations period begins to run from the date of the last payment. In some states, merely making a promise to make a payment, even orally, is enough to re-start the limitations period. Technically, when the statute of limitations expires, it does not wipe out the debt, it only prevents the creditor from bringing suit to enforce his/her rights. In theory, he/she or an assignee of the original creditor can continue to dun you forever, even if they can't take you to court.
Is there a statute of limitations in Oklahoma for receiving money from an inheritance?
A statute of limitations is related to bringing a law suit. As such, there is no such thing as a statute of limitations on an inheritence in Oklahoma.
What is statute of limitations for traffic trial?
There is no statute of limitations for a traffic trial.
Is there a statute of Limitations on War Crimes?
No there is no statute of limitations on war crimes.
What is the Statute of Limitations For Arson In The States Of Ky. Ohio Indiana?
There is no statute of limitations for arson in Kentucky. In Ohio, the statute of limitations is 20 years. In Indiana there is no statute of limitations if it is charged as a class A felony, but if charged as a lesser felony the statute is 5 years.
What is the statute of limitations in NJ for collecting a judgment debt?
no statute of limitations on judgements
What is the statute of limitations for arson in Alabama?
In Alabama Arson is a felony. As such there is no statute of limitations.
