What is the limit on time barred debt?

Get Legal Help Today

 Secured with SHA-256 Encryption

What is the limit on time barred debt?

And how do you calculate it to see if you are in the clear from being sued?

Asked on February 7, 2011 under Bankruptcy Law, Delaware

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

1) The time limit varies by the source of the debt: e.g. is it based on a written contract, an oral or verbal contract, a promissory note; etc. If you resubmit your question with the kind of debt and its source, someone can answer for you.

2) The time limit, called the statute of limitations, is calculated from the time the debt was incurred. For example, suppose someone defaults on a loan; the time is calculated not from when the loan was taken out, but from when they missed a payment. There are some doctrines that can extend, or toll, the time (such as if the creditor was not and could not readonably be aware of the default or debt immediately), so if the time has just run out, there may be an opportunity for the creditor to get around the statute and still take action.


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