Re: Can the SOL extend more than the specified time

Posted by CardReport.Com on December 17, 2000 at 20:08:51:

In Reply to: Can the SOL extend more than the specified time posted by Larry on December 17, 2000 at 06:12:21:

As I understand it, there is a possibility that
the statute of limitations *might* be extended
*if* the debtor makes a payment or a specific
written promise to pay. This might be construed as
a revision of the original contract terms for the
defaulted account. I really don't know how often
this occurs, and if the issue came up, it would
likely be a point of argument in an actual lawsuit.

Yes, it is possible that the attorney wants to
convince you to file bankruptcy, so that s/he can
earn fees from you. Lawyers are in business to
earn money, just like most other business-people.

Credit card debts are covered by individual state
statute of limiations laws, just like most other
regular debts (exceptions would include criminal
fines and restitution, taxes, and federal student
loans.)

Be very cautious about bankruptcy, especially if the
idea is to prevent *possible* lawsuits on debts
like credit cards. Personally, just about the *only*
circumstance where I would seriously consider
bankruptcy is if there was an actual, in-court,
already-filed lawsuit going on, against which I
thought I had no defense. Not a collection notice,
not a threat, not a possibility, and not simply a
yet-to-expire SOL.

Good Luck.

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