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I bought a car in 2002 it was repossed in 2004, They auctioned the car off in 2004 or 2005 and said I was liable for the remaining balance. (Ford Motor Credit Company) They filed garnishments in Jan 2012 and got a judgement on Feb 2012. Were'nt they out of time to try and sue me?
I bought a car in 2002 it was repossed in 2004, They auctioned the car off in 2004 or 2005 and said I was liable for the remaining balance. (Ford Motor Credit Company) They filed garnishments in Jan 2012 and got a judgement on Feb 2012. Were'nt they out of time to try and sue me?
Very confused!
When was your last payment made? They can sue you anytime even after SOL. What is the SOL in your state?
7 years is the time cutoff used by the credit bureaus for reporting accounts and has nothing to do with the SOL. The SOL varies by state and type of debt and is the time available to creditors to bring legal action. It can exceed the 7 years used by the credit bureaus. That said, the tolling of the SOL is a defense to be brought by you and apparently you did not raise it. Talk to a local attorney and they can clarify the SOL in your state.
7 years is the time cutoff used by the credit bureaus for reporting accounts and has nothing to do with the SOL. The SOL varies by state and type of debt and is the time available to creditors to bring legal action. It can exceed the 7 years used by the credit bureaus. That said, the tolling of the SOL is a defense to be brought by you and apparently you did not raise it. Talk to a local attorney and they can clarify the SOL in your state.
It would not fall off the report even after 7 years if the SOL clock re started right?
In a similar vein, the bigger question facing millions of people who 'walked away from their mortgage obligations' in states with judicial deficiency judgments is this: How long before the banks start going back and trying to collect the difference between what was owed and what the defaulted property actually sold for.
Is their a statute of limitations that precludes creditors from collecting on bad debts...if, for example, the debtor had no money, but, later acquires some? I don't really know the answer to this, but, I suspect that a lot of people who 'hoped they got off scott-free' would like to know.
In a similar vein, the bigger question facing millions of people who 'walked away from their mortgage obligations' in states with judicial deficiency judgments is this: How long before the banks start going back and trying to collect the difference between what was owed and what the defaulted property actually sold for.
Is their a statute of limitations that precludes creditors from collecting on bad debts...if, for example, the debtor had no money, but, later acquires some? I don't really know the answer to this, but, I suspect that a lot of people who 'hoped they got off scott-free' would like to know.
I bought a car in 2002 it was repossed in 2004, They auctioned the car off in 2004 or 2005 and said I was liable for the remaining balance. (Ford Motor Credit Company) They filed garnishments in Jan 2012 and got a judgement on Feb 2012. Were'nt they out of time to try and sue me?
Very confused!
Go to your County Court and see if the judgment is recorded. "Res judicata" means the judgement is valid, but they may not be able to garnish your wages.
SOL is 7 years but apparently they went to court, you should have gotten a summons by mail.
Call an attorney, laws vary by state. You could also file Chapter 7 and they cannot come after you. A Chapter 7 bankruptcy comes off your record in 7 years and your slate is wiped clean.
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