Statute of limitations on debt collection judgment
Question Details:
I had a judgment in 2001 and was told there is a 10 year statute of limitation, but in 2005 a new law in made it possible to extend the judgemnt for another 10 year (20 total). Is this true? If so, does this apply to my 2001 judgment or only to judgments after 2005? Please clarify this. When will my judgment that started in 2001 be free from the possibility of collection without the possibility of continuation?
Business Law Answers
A reliable answer might take some research, but I'd say it's most likely that the 2005 law applies to all judgments that were still within their 10-year valid period when it became effective, and that would include the judgment against you. Typically, a statute like the one in 2005 is limited at the point where it would revive a judgment that had already expired, which isn't fair to the debtor who would have had a right to believe it was done. So, it looks like you have another 12 years to wait.
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