QUESTION
Are you required to pay a debt that dropped off your credit report and has been passed from different collection companies over the years?
Asked on Apr 11th, 2013 on Bankruptcy - Michigan
5 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
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It depends on the law of the state where you live. Each state has different laws.
Answered on Apr 15th, 2013 at 2:08 PM
The statute of limitations is 4 years. A debt can only remain on your credit for 7 years.
Answered on Apr 15th, 2013 at 12:49 AM
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
Unless you are dealing with a mortgage, the debt is past the statute of limitations in Illinois and there is no reason to pay it if you do not wish to do so. A collection agency that seeks payment without disclosure of the time-barred nature of the debt may be violating the law.
Answered on Apr 15th, 2013 at 12:33 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Cannot tell without the details. Whether or not a debt is on your credit report is not determinative of your legal liability for it.
Answered on Apr 14th, 2013 at 8:18 PM
Family Attorney serving Henderson, NV
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Harris, Yug & Ohlinger
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In Nevada, we calculate the statute of limitations from the date of last payment. So for example, with credit cards, people often have cards in good standing for years, but it does not trigger the running of the statute of limitations until the default. So, if the date of last payment/default was five years ago on a six year loan, and the statute of limitations is six years for breach of a written contract, the debt is collectible. If the same default was made on a four-year statute of limitations - typically a credit card debt - then no, it's not collectible and you have a complete defense. If third party collections then try to collect, they may have an FDCPA problem.
Answered on Apr 14th, 2013 at 8:18 PM