- Sep 27, 2005
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State statutes of limitations for old debts
By Bankrate.com
When dealing with an old debt, it's important to know your limits.
Once a debt passes beyond the statute of limitation in your state, a debt collector no longer has the right to sue you for payment. You may still have a moral obligation to pay back an old, forgotten debt, but you can't be sued over it.
Any debt collector who threatens to sue you over a debt that is beyond the statute of limitation in your state is in violation of the Fair Debt Collection Practices Act.
The chart below offers a state-by-state roundup of statutes of limitations for delinquent debt. Credit cards are considered open accounts. If you're being hassled about an old debt, the chart below is a great starting point and was accurate as of the date it was published here.
If you need legal assistance with a delinquent debt, visit the Web site of the National Association of Consumer Advocates and search for an attorney with expertise in debt collection in your area.
http://www.bankrate.com/brm/news/cc/20040116b1.asp
I hope this info helps someone who has old debt and was worried about being sued about it.
By Bankrate.com
When dealing with an old debt, it's important to know your limits.
Once a debt passes beyond the statute of limitation in your state, a debt collector no longer has the right to sue you for payment. You may still have a moral obligation to pay back an old, forgotten debt, but you can't be sued over it.
Any debt collector who threatens to sue you over a debt that is beyond the statute of limitation in your state is in violation of the Fair Debt Collection Practices Act.
The chart below offers a state-by-state roundup of statutes of limitations for delinquent debt. Credit cards are considered open accounts. If you're being hassled about an old debt, the chart below is a great starting point and was accurate as of the date it was published here.
If you need legal assistance with a delinquent debt, visit the Web site of the National Association of Consumer Advocates and search for an attorney with expertise in debt collection in your area.
http://www.bankrate.com/brm/news/cc/20040116b1.asp
I hope this info helps someone who has old debt and was worried about being sued about it.
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