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State-by-state list of statute of limitations on debt collection. ... Colorado. Credit card debt: Six years Medical debt: Six years Auto loan debt and retail installment sales contracts: Four ...
For example, if you miss a payment on a debt with a five-year statute of limitations on July 1, 2024, then after July 1, 2029, the statute of limitations will have passed. This technically means ...
This is called the debt’s statute of limitations, which varies by state and type of debt. If the statute of limitations has expired, the debt collector can no longer sue you to recoup the debt.
U.S. state laws on fair debt collection generally fall into two categories: laws which require persons who are collecting debts from consumers to be licensed, registered or bonded in order to collect from consumers in their states, and laws that protect consumers from specific unfair practices by debt collectors, which may include collection agencies and sometimes original creditors. [2]
The statute of limitations requires consumers to file suit prior to the earlier of: two years after the violation is discovered; or, five years after the violation occurred. [9] Consumer attorneys often take these cases on a contingency fee basis because the statute allows a consumer to recover attorney's fees from the offending party.
A civil statute of limitations applies to a non-criminal legal action, including a tort or contract case. If the statute of limitations expires before a lawsuit is filed, the defendant may raise the statute of limitations as an affirmative defense to seek dismissal of the claim. The exact time period depends on both the state and the type of ...
Each state has a statute of limitations on how long a debt collector can pursue old debt. For most states, this ranges between two and 10 years. For most states, this ranges between two and 10 years.
This does not stop the collection process but may lead to a legal challenge if a no-contact request is made. [citation needed] If the statute of limitations has passed in certain U.S. states and legal actions have not been issued against the debtor, a collection agency must remove the outstanding debt from their credit report. The process in ...