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Questiona about lenth of time charge offs stay on Credit reports.Questiona about lenth of time charge offs stay on Credit reports.
kfzk343 said: "I have three charge offs from 6 years ago when I gave my boyfried at the time a duplicate card for these credit card accounts. Well, of course he maxed them out and has since filed bankrupcy. So unfortunately I was unable to collect any money from him. I know that the charge offs will remain on my report for 7 years, but can the companies come back and sue my let's say 10 years from now?
Thanks. :confused:"
anchorbob said: "General the SOL is less time than the 7 years, so it's very unlikely it would happen."
randyd said: "Without knowing more about your situation there is no way to answer this question. The Statute of Limitations on Debt varies from state to state. If you took the average from all states it would be around 6 years. How different states Calculate that time is different also. In some it is from the date the contract is signed, other it is from the date of last activity. Other factors could also effect the calculation, such as Moving to a different state. Some states would put the statute of limitations "on hold" while you where living in another state.
While i agree with Anchorbob that it is unlikely that they will come after a debt that old but it is possible, and even if the Statute of limitations is over, they could still take you to court, your defense would be that the statute of limitations expired and you would probably win But if you didn't show up to court they could win and a judgement could be awarded.
I am Not a Lawyer and this is not to be considered legal advice, if you are concerned about this it is best that you Consult with an attorney who coudl answer your questions about the laws that apply to you."