 Posted: Mon Apr 14, 2008 5:07 pm |
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The 7-year reporting period really has nothing to do with the debt's legality or your liability; it just means bad accounts can't be on your credit report longer than that.
But they are still valid. A debt, be it on or off your credit report, can be collected on (except debts discharged through bankruptcy) until it is paid.
Enter SOL. The SOL in your state laws define how long a creditor has to sue over the debt. SOL for credit card debt is usually 3-6 years. Within the SOL, debts are enforceable by the court. After that, a creditor can still try to collect and sue, but if you raise the issue in court they will lose their case (a debt past SOL is unenforceable by the court).
However, if a creditor does bring suit and obtain judgment within the SOL, then the SOL stops and does not apply anymore. Judgments have a different SOL, which is usually 10-20 years (and can be revived after that).
You say you are being garnished. Has that been to court for them to get the garnishment?
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DebtCruncher
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