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SOL's are established by state laws. Not all debts have the same applicable SOL and some states allow the state where the debt was made to use that state's SOL. That can also depend on the type of debt, written contract, open account, etc. The assumption that SOL expiration automatically negates a debt is not necessarily accurate. ("Macky"... macky83@juno.com)
What else can I help you with?
What is the statute of limitations for debt collection in Michigan?
There is no statute of limitations for debt collection in Michigan. You can continue to collect as long as the debt is owed. The debt can be sold as well.
What is the statute of limitations in Maryland for debt collection?
Three years.
What is the statute of Limitations for debt collecting from a deceased person in the State of Kansas?
The statute of limitations for debt collecting from a deceased person in the state of Kansas is ?æfive years. However, the statute of limitations for debt collection will vary in other states.
Is there a maximun on credit card debt for the statute of limitations to apply?
The statute of limitations is how long a collection agency can collect and sue or the debt. It makes no difference how much or how little the amount is. The only limitations are time.
How do I know if my debt is time-barred?
Debt is considered time-barred when the statute of limitations for collecting it has expired. You can determine if your debt is time-barred by checking the statute of limitations for debt collection in your state and seeing if the time period has passed since the last activity on the debt.
What is the statute of limitations on verbal agreements in Texas?
For debt collection it is four years in Texas. That is from the last point of acknowledgement of the debt.
How long can a collection company try to collect on an account?
Until your state's statute of limitations runs out on that debt.
What is the statute of limitations in NJ for collecting a judgment debt?
no statute of limitations on judgements
Colorado statute of limitations credit card?
Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Colorado is 3 years. That is measured from the last use or payment.
Is there a statute of limitations for a house lien in Texas?
No there is not statute of limitations. The lien serves as notification that a debt is owed and secures that debt.
Can a collection agency still send you letters after a dispute has been investigated and deleted?
Yes. Deletion from the credit report does not affect whether the debt is owed or whether the statute of limitations on the debt has expired. Note that even if the statute of limitations has expired, collectors still can try to collect the debt -- they just cannot use the courts (or threat of legal action) to collect the debt. If you are getting collection calls on a debt that is past the statute of limitations, just send a written demand to the collector to cease all calls.
How long are you liable for a credit card debt?
As a responsible cardholder, you are generally liable for any credit card debt up to the statute of limitations as established within your state. This does not prevent a debt collector from continuing to pursue older debts, but it does generally prevent judgments on old debts as long as you advise the creditor or court that the statute of limitations has expired. Debt collectors may still pursue debt collection even beyond the statute of limitations.
