I thought the statue of limitations was 7-10yrs for an old debt. I had B-Real and Resergent Capital Services file claims on old debt. These debts are from '97. My attorney says the statue for old debt is 15 years. Am I the only one that did not know this?
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As I understand it, the SOL varies by state, and the actions that will "restart" the clock might also vary by state. If I'm wrong, I'm sure someone will correct me! -
Also: Anybody can file a suit on any debt, even if it's 100 years old and the statute of limitations is past. It's up to you to appear in court and use the statute of limitations defense.
It is an absolute defense, so all you have to do is raise it to the judge, and he pretty much has to rule in your favor.
However, if you don't show up, you can get a default judgement. And then the statute of limitations on that is a LOT longer.
It depends on what state you are in. Without more information, i can't say for sure if they have a case.Oct 9, 2007 - Filed my Chapter 13!
Scores: 527/509/528
Jan 1, 2009 - Sent in my last payment! Scores: 635/628/585!
Feb 11, 2009 - DISCHARGED & CLOSED!
I AM NOT A LAWYER. ANYTHING I SAY IS NOT LEGAL ADVICE.Comment
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Do you live in Ohio? Ohio is the only state that has 15 year old SOLs for written contracts and Promissory notes.Originally posted by truckerswife View Post
Oral agreements and open ended accounts are 6 years.Comment
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Yes, we live in Ohio now. We lived in Texas at the time we accrued the debt. How will this effect my credit report. Will this debt start showing up again?Comment
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this was for a cellular phone and a Montgomery Wards credit card.Comment
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While the SOL might now be 15 years, since you moved to Ohio, any negative entries on your credit reports should fall off after 7 years. There is a big difference in negative items on credit reports - both ways - and the ability of creditors/their collection goons to go after you. If those items stay on your report longer than 7 years, dispute them with the CRAs.Comment
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