How long is a creditor able to come after you for a debt after you default.

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How long is a creditor able to come after you for a debt after you default.

At what time is it time-barred?

Asked on January 17, 2015 under Bankruptcy Law, Wisconsin

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

A creditor can come after a debtor indefinitely. However, they can only sue and attempt to obtain a judgment in court for a limited period. The "statute of limitations" (i.e. the timeframe in which a creditor can sue on a debt) varies from state-to-state (an the type of debt involved). Typically, a S/L runs from 3-10 or so. This means that if your creditior does not bring you to court within the specified time period, they are barred from ever doing so in the future. This means that while the debtor still owes on the debt, the creditor has no way to enforce collection. To find the S/L for your state just google for the info.


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