Would an over-drawn bank account be considered credit debt?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Would an over-drawn bank account be considered credit debt?
I over-drafted on a bank account 3 1/2 years ago. The bank closed my account. The SOL for credit debt is 3 years in CO.
Asked on January 6, 2012 under Bankruptcy Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you had an overdraft protection account with respect to a bank account that you exceeded the amount of the actual money that you had in the account, there is a good chance that the bank may be time barred under your state's applicable statute of limitations from pursuing a legal action against you.
From what you have written, it seems that the overdrawn bank account that you have written about is a credit debt. To be sure, I suggest that you consult with an attorney who practices consumer law.
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.