Am I still responsible for a debt over10 years old?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Am I still responsible for a debt over10 years old?
Asked on September 28, 2010 under Bankruptcy Law, New York
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The time frame in which a lawsuit for collection of a debt can be brought in NY is 6 years. After that time a creditor cannot sue, although technically you still owe the debt. However, as a practical matter, there is no viable way for a debtor to collect. You should note that, if you made a partial payment, promised to re-pay, or even acknowledged that you owed the debt, the statute starts running again from the date of such payment/acknowledgement. Additionally, if a judgement was obtained prior to the statute running out, it can be enforced for up to 20 years, and at the end of that time it an be renewed.
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.