On a time-barred debt, what is the SOL for an open-ended account?
UPDATED: Feb 8, 2011
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On a time-barred debt, what is the SOL for an open-ended account?
Credit card; in DE.
Asked on February 8, 2011 under Bankruptcy Law, Delaware
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
In DE there is a difference between open-ended and closed-ended debt regarding the Statute of Limitations. Open-ended debt (such as with a credit card) expires 4 years after the last missed payment or the consumer's last activity on the account.
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