Credit Card Debt Statue Of Limitation
Thank you for visiting eliminate-credit-card-debt-now.com after your search for credit card debt statue of limitation. By now, you may have realised your keying error. I am sure you did not mean statue of limitation, but rather statute of limitation.
Every day dozens of people make the same mistake, so don't feel you are alone for seeking information on a credit card debt statue of limitations. Of course, the information you are seeking is regarding the statutes that apply wherever you may live.
Living in the US, you are covered by Statute of Limitation legislation for your credit card debt. That means that you cannot be sued for that debt once the limitation period has expired. The period of limitation does vary quite a lot from state to state, so it is important that you find out what the Statute of Limitation timescale is for the state you live in.
You will be pleased to know that, once a credit card debt has gone past the Statute of Limitation period which is law your state, a lender, or a debt collector, has no sue you for payment of the outstanding debt. That does not mean the debt no longer exists; it does, and of course you could have a moral obligation to pay it back. But you cannot actually be sued over that particular debt once it has gone past the period specified by the Statute of Limitations.
If a debt collector threatens to sue you over a debt that is already beyond the Statute of Limitation in your own state, they are breaching the Fair Debt Collection Practices Act.
It is advisable to consult a lawyer in your own state to learn of the Statute of Limitation law that applies to your own credit card debt.