Definition of Delinquent
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Posted by Donn E on February 07, 2002 at 11:27:59:
The Card Report states that "The statute of limitations (SOL) for a delinquent debt is the time limit for the creditor to file a lawsuit. This period starts when the debtor becomes delinquent". In Michigan the SOL for all accounts is 6 years after becoming delinqent. What is the legal definition of delinquent?
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