Financial Information
Can the statute of limitations erase my credit card debts?
Question : Can the statute of limitations erase my credit card debts?
erase credit card debt
Best answer:
Answer by The 12
In 7 years it will wipe you clean
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#2 written by Studly 1 year ago
It really does get depressing……
Once again, another straight forward question….once again tons of idiotic, uninformed answers that are all wrong.
I’ve only posted this same answer dozens of times here on Yahoo, yet these people continue to demonstrate why you can’t believe everything you read here on Yahoo Answers! It really ruins a good idea…….
Yes, there is a statute of limitations. Every state has one, and the time varies from state to state….averages around 6 years. After this time has run out, the creditor can no longer legally collect on your debt.
Look at the links below, as they explain all about it.
Maybe If I post this enough times….these other responders will take a peak and educate themselves.
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#4 written by abby fth 1 year ago
It’s is definitely not the same to apply for a credit card right away after bankruptcy than applying after two years or applying past ten years when your bankruptcy will be removed from your credit report. You need to understand that bankruptcies on your credit history scare lenders and financial institutions away and if the entry is in your recent credit history, chances are that you’ll get declined.
Truth is that there is no particular time period specified to apply for a credit card after a bankruptcy process. Yet, most lenders and financial institutions would agree that a two year period is the least time required for applying to obtain any kind of financial product if you have gone through a bankruptcy process in the past. Thus, though you may get a credit card sooner, don’t expect to obtain an excellent deal. Read more about it at: http://www.credit-card-gallery.com/article/194,Credit_Cards_After_Bankruptcy_Is_It_Feasible
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#5 written by glenn r 1 year ago
YES ! after 5 clear years from any action from a financIEr you are no longer listed on credit reference co,s files, BUT the original financier MAY still have you on record so ie; if you took out a credit card & maxed it out the bank would sue you but if you disappear for 5 years your home free (just don’t try anyone you dudded previously!)
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#6 written by MICHAEL P 1 year ago
Theoretically it should. 15 yrs. ago I had a repossession. 7 yrs. after that a property management company ran my credit, and it came back clear! But when I checked my credit report recently, there it was! I think information is much more easily accessable through the computer that if you look hard enough, you can find out anything.
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after 7 years they fall off i think!