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Re: Advise on Statute of limitations with Credit Cards
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Posted by Linda on October 04, 2001 at 17:57:50:
In Reply to: Re: Advise on Statute of limitations with Credit Cards posted by Stan on October 04, 2001 at 14:40:18:
Judgment proof = jointly owned assets. In other words, it isn't just yours, it's someone else's also. So they can't take it. As far as which state they could sue you in, that gets complicated and you would need a lawyer's advice. It came up before on this board, Aug or Sept posts, I think. If you have the original contract it may tell you whether they can sue in another state or not. Let me think how to put this..... even after the SOL is up, collection agencies can still try to collect this debt. The debt doesn't go away, they just can't force you to pay it. This could stay dormant as long as they don't know where you are, but sooner or later you will probably see inquiries on your credit report, where they are trying to find you and they have matched up your name. And, once you start applying for credit, the credit bureaus will tell them, and it will really start. You can chase them off, but they will keep coming back for a long time. Old out-of-statute debts like that are sold over and over again to collectors, who then try to make a profit, by collecting from unsusptecting consumers who don't know their rights. Linda
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