Statutue Of Limitations On Debt?

[DebtRiddenFool]

Not exactly a Thailand subject, but since I am living in Thailand, hiding out until the day, just curious. What are the rules around debt in America related to its erasure is they have never been able to contact you, serve you papers, collect, etc...

No dount all the money I owe is with collectors. WIsh I could pay them too, but not an option on a teacher's salary with two little kids.

I'd like to get my family back to the states to work there and give them at leat a better shot at a decent life, but goign back and being slapped with judgements and such doesn't figure to really be something that will help.

Alas, life has some nasty twists and turns.

[Dragonman]

Different States have different Statute of Limitations. Generally 6 years, California 4 years. However Debt Collection Agencies are likely to chase you forever but cannot sue in Court after this time. Normally a lump sum payment gets rid of them as they have normally aquired the debt for cents in the dollar.

[wimpy]

Different States have different Statute of Limitations. Generally 6 years, California 4 years. However Debt Collection Agencies are likely to chase you forever but cannot sue in Court after this time. Normally a lump sum payment gets rid of them as they have normally aquired the debt for cents in the dollar.

<{POST_SNAPBACK}>

Actually, they can still sue after the statute of limitations. If you don't appear in court and state that the debt is invalid due to the statute of limitations, a judgement will likely be awarded against you.

[Dragonman]

Different States have different Statute of Limitations. Generally 6 years, California 4 years. However Debt Collection Agencies are likely to chase you forever but cannot sue in Court after this time. Normally a lump sum payment gets rid of them as they have normally aquired the debt for cents in the dollar.

<{POST_SNAPBACK}>

Actually, they can still sue after the statute of limitations. If you don't appear in court and state that the debt is invalid due to the statute of limitations, a judgement will likely be awarded against you.

<{POST_SNAPBACK}>

Correct. I failed to say that as soon as you are aware that the Statute of limitations has expired you should advise the Collection Agency that you intend to use this in defence. This will then have to be shown as correspondence to the judge if any action proceeds.

[chownah]

In the states they also have a thing called 'filing for bankruptcy' which takes care of all of it in one fell swoop...they even let you keep one vehicle (you can even keep the ferrari if its all paid for) and one house (the mansion on the beach if its all paid for). I think you are just lazy and want to screw everyone out of their money...that's why you're here enjoying a nice life style...so you don't have to go face your responsibilities.....and let me congratulate you.....good work....no reason why you should be responsible...is there?

[bkk_mike]

I think it's only Florida and Texas where the bankruptcy laws let you keep your primary residence, regardless of it's size. I think most other states require you to sell up and move to a smaller place...

But then I'm British, so all I know about US Bankruptcy rules comes from CNBC.

[Dakhar]

At my office, I see the bankrupcy notices all the time. They explain how:

A) the lawyer fees are excluded (they get their cut for darn sure)

how the money the debtor owes me, is no longer owed to me, and I have no rights to retrieve my money.

So, I get to worry about how I am going to feed my family, while the person that agreed to take upon the dept walks away from this situation.... free of debt, guilt and remorse.

[chownah]

At my office, I see the bankrupcy notices all the time.  They explain how:

A) the lawyer fees are excluded (they get their cut for darn sure)

how the money the debtor owes me, is no longer owed to me, and I have no rights to retrieve my money.

So, I get to worry about how I am going to feed my family, while the person that agreed to take upon the dept walks away from this situation....  free of debt, guilt and remorse.

<{POST_SNAPBACK}>

In at least some states you can file for bankruptcy without a lawyer. And you are correct in that it doesn't seem fair to the people and businesses who are waiting to get their money. I think the theory is that if someone is in such bad financial condition that they are allowed to declare bankruptcy then it is unlikely that payments will be made anyway......it is not a perfect system....well run business in the US allow for a certain amount of 'bad debt' in their financial system.

[p_brownstone]

well run business in the US allow for a certain amount of 'bad debt' in their financial system.

Yes they do - just as Supermarkets etc. make "allowances" for losses through shoplifting; but at the end of the day it's the honest consumer who pays for it all in higher prices.

I have absolutely no respect or sympathy for anyone who runs away from debt.

Patrick

[bkkharry]

Major changes in Bankruptcy laws in the US. Much harder to file for BK now. Before people could wipe out all debts by filing a chapter 7 bankruptcy. Now people are being forced into filing chapter 11 which requires the debtor to pay back his debts on a long tern debt schedule. On consumer credit reports, all negative and unpaid debts are deleted after 7 years.

[griser]

Also in most parts of america the big 4 credit companies take off debts on your credit record after 7 years... so all trace is erased after that time.

greg

[Dakhar]

well run business in the US allow for a certain amount of 'bad debt' in their financial system.

<{POST_SNAPBACK}>

Yes they do - just as Supermarkets etc. make "allowances" for losses through shoplifting; but at the end of the day it's the honest consumer who pays for it all in higher prices.

I have absolutely no respect or sympathy for anyone who runs away from debt.

Patrick

<{POST_SNAPBACK}>

I deal with big ticket merchandise.... my cost for the merchandise alone usually runs of 1K USD, and then you add in the costs of rent, college, time employees etc.... When a person defaults on a debt, it is a large set back. Not to mention, under my financial structure, I do not have the ability to "write off the loss" for tax purposes.

Recently I had someone write a bad check, and had the balls to call me up shortly there afater, and tell me they lost the merchandise, and wanted to know what their warranty status was! I took great pleasure in explaining to them their warranty status.

[expatinasia]

An earlier poster noted that you can have a court render a civil judgement against you. In California, the civil judgement is good for 10 years, and can be renewed 3 times.

The civil judgement generally is rewarded in money, but can be attached to personal or real property. I had some doofus refuse to pay $1000 in a small claims judgement, and I put a lien on his home. When the mortgage interest rates dropped, he tried to refinance his home - he couldn't do it with an outstanding lien...and he was forced to pay additional court costs, filing fees, interest, and principle.

Blaming "life" as an excuse to not paying debts is dishonest and wrong.

[Dakhar]

You are my hero.

Thank you for the ideas.

[Dragonman]

An earlier poster noted that you can have a court render a civil judgement against you.  In California, the civil judgement is good for 10 years, and can be renewed 3 times.

The civil judgement generally is rewarded in money, but can be attached to personal or real property.  I had some doofus refuse to pay $1000 in a small claims judgement, and I put a lien on his home.  When the mortgage interest rates dropped, he tried to refinance his home - he couldn't do it with an outstanding lien...and he was forced to pay additional court costs, filing fees, interest, and principle.

Blaming "life" as an excuse to not paying debts is dishonest and wrong.

<{POST_SNAPBACK}>

I can see why someone gets upset at being ripped off, but I have given Pro Bono services for many people where life has dealt them a bad hand. Often it is the lender, particularly very large companies who are inflexible. The person often is not dishonest, but circumstances have changed and they simply are unable to pay.

[sriracha john]

An earlier poster noted that you can have a court render a civil judgement against you.  In California, the civil judgement is good for 10 years, and can be renewed 3 times.

The civil judgement generally is rewarded in money, but can be attached to personal or real property.  I had some doofus refuse to pay $1000 in a small claims judgement, and I put a lien on his home.  When the mortgage interest rates dropped, he tried to refinance his home - he couldn't do it with an outstanding lien...and he was forced to pay additional court costs, filing fees, interest, and principle.

Blaming "life" as an excuse to not paying debts is dishonest and wrong.

<{POST_SNAPBACK}>

I can see why someone gets upset at being ripped off, but I have given Pro Bono services for many people where life has dealt them a bad hand. Often it is the lender, particularly very large companies who are inflexible. The person often is not dishonest, but circumstances have changed and they simply are unable to pay.

<{POST_SNAPBACK}>

As well, it's often due to a large degree by similiarly large companies that ordinary people find themselves unable to pay. As an example, ask anyone who previously had well-paying steady jobs in the "Rust Belt" of the USA who was laid off when these large companies closed up shop and moved the jobs oversea. Not everyone that files for bankruptcy is a deadbeat. Many are decent, hard-working people who are left with no other viable alternative.

[Dakhar]

getting in debt, has nothing to do with life dealing a bad hand. Smart thinking, planning ahead, continued savings, self control.... allows for a person to avoid such situations.

I drive a 10 yr old car, and earn a very nice sum, but I realize all that my job could be gone in a blink of an eye. While folks that earn a lot less drive new cars, just becuase the bank will loan them the money. There are two different lifestyles.... The one you can afford to live, and the one the bank allows you to afford to live. Unfortunatley there are a lot of folks that are lured into living the latter.

So nope, I don't feel sorry for the OP.

[ThaiPauly]

There is an old saying:

Income I dollar, expenditure 99 cents result Happiness

Incone 1 dollar , expenditure 1 dollar & 1 cent result Misery

You chose the latter

I really hope that those debts you have incurred are to people that can afford to accept the loss, otherwise you could be responsible for putting some decent hardworking folks on the breadline.

Unfortunatley I know what it's like to be ripped off by Bad Debtors, how they sleep at night is a mystery to me. In the UK courts are USELESS at retreiving money from Bad Debtors, I think they are better at it in the USA.

If you REALLY want a better life and education for your children go back and "Face The Music", how can you teach your children honesty and morality when you choose to behave like this.

Please DO NOT flame me for saying this, but YOU posted it and I am entiltled to give you MY PERSONAL OPINION.

Behave like a DECENT HUMAN BEING, Pay Up, over time it will not be so bad and you can hold your head high again instead on skulking around in a foreign land. Yeah you may say you just had some bad luck, but you sure as h#ll ain't gonna get much good luck if you carry on like this are you?

If you do not face up to your debts, I really hope they find you