What is my liabiltiy regarding a 24 year old debt?

Get Legal Help Today

 Secured with SHA-256 Encryption

What is my liabiltiy regarding a 24 year old debt?

I received a letter today stating that I owed on a loan from years ago. I called to find out exactly what this letter was for. They gave me 4 different dollar amounts that I could pay. My state has a 6 year statute of limitations on debt collections. Should I dispute this or just let it go? I had a car loan when I was 17 and my mother co-signed. She filed bankruptcy on the loan in the late 80’s early 90’s. Not sure if this is the loan they are talking about.

Asked on January 27, 2012 under Bankruptcy Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I think that for your own piece of mind you need to at least look into the matter a bit more to see what is going on. You have every right to ask for a validation of the loan which by law they have to give.  Ask for a copy of the original loan agreement, a copy of the history of payment, a copy of their right to collect for the original debtor. If there was a judgement info on that. I am sure they will have a statute problem. And fyi, your Mom's discharge of the loan does not discharge your obligation, but they may have missed the boat.  Good luck.

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I think that for your own piece of mind you need to at least look into the matter a bit more to see what is going on. You have every right to ask for a validation of the loan which by law they have to give.  Ask for a copy of the original loan agreement, a copy of the history of payment, a copy of their right to collect for the original debtor. If there was a judgement info on that. I am sure they will have a statute problem. And fyi, your Mom's discharge of the loan does not discharge your obligation, but they may have missed the boat.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption