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How long does a debetor have to collect before the debt becomes nul and void?
Creditors can try to collect forever. The SOL for filing suit is different for different kinds of debt in different states. Once this SOL is past, you can not successfully sue you for the debt. If you are sued after this SOL is up, you have to tell the judge that the debt is past the SOL. That along with a copy of a credit report showing the DOLA is more than the SOL. Most debt will then fall off your CR's after 7 years. The OC has 7 years from the charge off date to claim the loss on tax returns. Most credit card issuers will claim this the next year after to get the loss off their books. This is called 'writing off the debt'. At this point the debt is erased from the OC's general ledger. Once this happens, the debt no longer exists. A debt collector can still try to collect on it, but, you no longer have an obligation to pay. This is a good defense for Debt buyers.
Is a debt past SOL and removed from your credit report considered legally satisfied?
No, the expiration of the SOL designates the time in which the creditor has to file a lawsuit. This does not mean a creditor will not pursue litigation, as an SOL is not an "automatic" defense in creditor vs. debtor suits. If a debtor is sued after the expiration the debtor must bring forth proof that the debt is invalid, the court will not do this for him or her. Often people receive a summons for what they believe is an invalid lawsuit because the SOL has expired, this is not necessarily true. A creditor may file a suit one day before the SOL expires and it will be seen as valid litigation. In addition, a debt is always valid until it is paid, settled in a lawsuit or discharged in bankruptcy.
How long can a debt collector attempt to collect a debt in Texas?
There is no time limit on how long a creditor/collector can pursue collection action on a debt owed. There are, however, time limits (SOL) on when a collector can initiate a civil suit against the debtor. SOL's are determined by the laws of the debtors state of residence.
If the statute of limitation in Michigan is 6 years-is it 6 years from the last payment you have made on a credit card.?
Yes, 6 years is the SOL on credit card debt in Michigan. It is not only the last payment made on the card. If you made a charge on the card after the payment then it would be after that. Basically the SOL clock starts ticking when the last activity was made on the card by YOU - not the credit card company. Once that period is up, you can no longer legally be sued for the debt. Although some collection agencies will try it. Learn your debt collection rights by reading up on the FDCPA.
Can a collector still collect a debt from January 1966 or does a statute of limitations apply?
The Fair Credit Reporting Act established statute of limitations for how long derogatory information, like collection accounts, can appear on your credit report. Other statute of limitations on how long a debt can be collected on, and sued over, are established by state laws. There are also certain types of debts with no SOL, once again, because of other laws which supercede the FCRA, FDCPA and state laws. You need to provide more information about the type of debt before specific information can be provided.ansStatute of Limitations (SoL) on debt is the legal time limit that bars enforcement of the debt through the court system. It does not apply to all debts!Not all debt has a statute of limitations! When the SoL expires, it can be used as a defense to bar collectors from collecting through the courts, however the debt DOES NOT go away! Collectors can still attempt to collect the debt using other legal dunning methodsAnd, there is NO statute of limitations on several types of debts, including: Federal Student Loans;Most Types of Fines;Past Due Child Support (state dependent); and*Taxes (In many cases, income taxes have a 10-year SoL but this can be suspended as well as have more time added by filing the proper forms. Check with a local tax resolution expert about your particular situation.The Statute of Limitations on debt depends on the type of debt and your State's civil debt collection codes. Generally, unsecured debt expires 3 to 6 years after the last missed payment or the consumer's last activity on the account. Written contracts such as car loans generally expire after 6 years. Judgments can last up to 20 years and can require the judgment be renewed at a certain point such as the 6-year point.Generally, the statute of limitations for collecting debts begins the moment you sign a credit contract! However, just about every state has specific rules on the running of the statutory period and some even have provisions to adjust (toll) this period. The tolling can be for many things...even holidays...or from when you said you would like to work something out (and presumably didn't).The term "toll" or "tolled" means to "stop the running of a statutory period for a certain period of time". Many states use this term in their statutes of limitation rules and civil codes for debt collection.Very simply, it can be very confusing and hard to calculate when the SOL has been running or not, and again...it only prevents COURT actions which is one of the last methods most collectors use anyway...the debt remains valid and collectible.
Do you have to pat a collection agency?
Assuming you mean "pay" instead of "pat," the answer is no. However, if the debt is yours - you can be sued for it. And if the collection agency wins, you can have your wages garnished or your checking account. Keep in mind that each state has a different statute of limitations (SOL) for debt, and collection agencies often try to collect on debt that is past the SOL. Once it is past the SOL, you cannot be sued for it.
When you have a charged off account and they sell that account can they still take you to court over it?
Yes. Each state has a SOL for being sued for debt. They are not all the same, and different contracts/debts have different SOL's. A person can search their states laws governing debt collection. Or search "Statute of Limitations on Debt"
Can you be sued for a 5-year charge off sold to a collection agency where the SOL has expired and the collection agency says there is no SOL for collections?
There is no SOL for collection procedures, however state SOL's do apply to the time in which a lawsuit can be filed for debt recovery. If sued and the SOL applies it is the responsibility of the debtor/defendant to bring the issue to the attention of the court, a SOL defense is not "automatic".
How long does a debetor have to collect before the debt becomes nul and void?
Creditors can try to collect forever. The SOL for filing suit is different for different kinds of debt in different states. Once this SOL is past, you can not successfully sue you for the debt. If you are sued after this SOL is up, you have to tell the judge that the debt is past the SOL. That along with a copy of a credit report showing the DOLA is more than the SOL. Most debt will then fall off your CR's after 7 years. The OC has 7 years from the charge off date to claim the loss on tax returns. Most credit card issuers will claim this the next year after to get the loss off their books. This is called 'writing off the debt'. At this point the debt is erased from the OC's general ledger. Once this happens, the debt no longer exists. A debt collector can still try to collect on it, but, you no longer have an obligation to pay. This is a good defense for Debt buyers.
Is a debt past SOL and removed from your credit report considered legally satisfied?
No, the expiration of the SOL designates the time in which the creditor has to file a lawsuit. This does not mean a creditor will not pursue litigation, as an SOL is not an "automatic" defense in creditor vs. debtor suits. If a debtor is sued after the expiration the debtor must bring forth proof that the debt is invalid, the court will not do this for him or her. Often people receive a summons for what they believe is an invalid lawsuit because the SOL has expired, this is not necessarily true. A creditor may file a suit one day before the SOL expires and it will be seen as valid litigation. In addition, a debt is always valid until it is paid, settled in a lawsuit or discharged in bankruptcy.
If you have a charged off debt past 7 years can a new company get a collection company to collect the debt?
I don't know what state you reside in, or how the debt is classified However, it seems possible that the SOL has expired. Write the company and ask for a confirmation of the debt. Don't do anything until you receive it, and check the SOL in state pertaining to the type of debt you have.
Is there a statute of limitations on suing someone for credit card debt?
Yes, credit cards are considered open accounts, all states have SOL's pertaining to the time limit in which a debtor can be sued. You can find out what the SOL for your state is by visiting www.fair-credit-collection.com
Can a landlord garnish your wages for unpaid rent 10 years ago?
They can file a lawsuit, but whether or not it will be deemed valid, depends upon the laws of the state where the rental property is/was located. It is reasonably safe to assume that the SOL of such a debt has expired and the landlord has no legal recourse to recover monies owed. However, an SOL is not automatically granted to a debtor. If the debtor is sued he or she must provide the court with documentation that the SOL has expired and the debt is no longer valid. The majority of such cases are not acknowledged as being legally valid and the plaintiff is not allowed to go forward with the suit.
Once statute of limitations has been met for credit card debt in Texas what can the collectors do to collect the debt?
If the SOL has expired there is nothing a creditor can do unless a lawsuit was filed before the SOL expired, which happens quite often. Simply because the SOL has expired does not mean the debtor will not be sued at some later date, most courts have a backlog of cases and the average time for a lawsuit to reach court is fifteen months from filing, usually longer. Even if the SOL has expired a creditor/collector may still attempt a lawsuit, it is up to the defendant/debtor to present the SOL defense, the court will not accept it as being an automatic dismissal of the case.
What is the definition of SOL in the phrase the SOL on credit card debt is 3 years?
SOL stands for Statute of Limitations. It is the time in which they must notify you of the debt and bring suit to collect.
If it is past 6 years on a Medical debt and under 15000 do you have to pay or not?
Check your sates SOL on certain debts, if it is SOL for legal recourse, than some people do choose to walk away, just because you can't be sued and it will be dropping off of your reports doesn't mean they won't stop collection efforts unless you send a C&D letter which i would do especially if it met the criteria I described.
Can you be taken to court and sued for the same thing twice even after 7 years they even tried to attach wages but was ruled in your favor as hardship?
It's possible, depending on the type of debt and if the state's SOL is applicable. Generally if it is a valid debt, the debtor can still be sued even though the first suit ended in a hardship dismissal or the debtor was deemed execution proof.
