How Do You Repay Old Debts Without Restarting The Statute Of Limitations?
A statute of limitations is a legal timeframe for which legal action can be filed over an event, such as an auto accident, violation of statutes or administrative laws, medical malpractice or a debt such as credit card debts or loans. In regard to debts, the statute of limitations and time of reporting said debt are two separate occurrences. The former is the time allowed for a creditor to begin legal proceedings to recover the debt, while the latter is the amount of time a credit bureau is allowed to report a debt. Determine if the statute of limitations has passed. Statutes of limitations vary by state, so it is necessary to look up and become familiar with your state’s statutes regarding debt collection. The minimum is typically two years and the maximum is fifteen years. Allow for a window beyond the state’s statute of limitations of at least two to three months. Establish the veracity of the debt. The debt should be confirmed by way of the credit bureaus. Request copies of all thr
