If I have a credit card debt that was charged off 5 1/2 years ago, if I make a payment now does the statue of limitations start over?
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If I have a credit card debt that was charged off 5 1/2 years ago, if I make a payment now does the statue of limitations start over?
Asked on February 29, 2012 under Bankruptcy Law, Indiana
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
When your credit card debt is charged off without benefit of bankruptcy, it basically means that either the amount was considered uncollectible by the creditor or sold to a collection agency. In some states, the statute of limitations may not have run out. If you reaffirm the debt by either agreeing you owe the debt or begin to make payments on it, then the statute of limitations could be extended or start all over.
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