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The answer depends on what state you live in. See the link below for a web site which shows the time period when debts expire, by state:
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∙ 14y ago
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Do you owe a debt that is no longer reported on a credit report?
Yes, the debt is still valid and collectible.
What if a debt creditor tries to collect something from a 15 year old debt?
He can try, but to pursue collection after being notified by mail that the debt is no longer valid is a violation of the Federal Fair Debt Collections Practices Act.
Is a junior valid after foreclosure?
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
If a chargeoff is removed from your credit report after 7 years do you still legally owe the money?
Perhaps. It would depend on the type of debt and the laws of the state in which the debt was incurred. It could very well be that the SOL has expired and the debt is no longer valid.
What happens if a debt collection agency can not validate a debt and they send you a letter hat they will no longer attempt to collect the debt?
Hello,Keep that letter safe somewhere and enjoy.You no longer owe that debt to them. :)Thanks!This is not Legal advice:)Make a copy of that letter and keep it in a safe place, also check your credit reports to make sure the debt is not listed on your report. If it is, send a copy of that letter to the credit bureau asking for that item to be removed as it is not valid.
What if the collector ingnores a request to validate the debt?
Without valid debt there can not be liability. In amity.
Can a credit card company still continue to charge interest if the debt has been charged off?
Yes, a "charge off" does not indicate that the debt is no longer valid. The creditor has several options on how to collect monies owed after the account has been charged off.
Are bad debts that are written off taxable or not?
"Written off" does not always (usually) mean a debt is not still collectible. The term "forgiven" indicates that the creditor no longer considers the debt valid. When a debt is forgiven the debtor will receive a 1099C from the creditor/collector and a copy is sent to the IRS.. The debt is then considered income and must be reported on the debtor's tax return as such.
Is there a valid debt consolidation program?
Yes, many exist.
How long is a garnishment valid in Florida?
In Florida, a garnishment is valid for up to 20 years. This means that creditors can collect payment through wage garnishment or bank account levy for a period of 20 years after obtaining a judgment against a debtor.
Can you be sued for a debt that does not appear on your credit report?
Yes, the credit report has no bearing on whether a debt is valid and subject to litigation.
How do you begin to excersie the statute of limitatons on your credit card debt?
That will be measured from the last communications from the debtor (you). Any validation that the debt is valid will start the time over again. The credit card may be based on a different jurisdiction which could be longer! You need to check your agreement for the applicable jurisdiction.
