Legal Question in Consumer Law in Texas
How delenquent in time can a debt be before a lender can start a collection process?
Company?
State?
US Government?
Asked on 6/06/11, 6:32 am
1 Answer from Attorneys
Mark Dunn
Mark D. Dunn
If the payment of a debt is one day late, then the lender has the legal right to file a lawsuit.
If one installment payment is one day late, the lender has the right to file a lawsuit.
As a practical matter, the lender usually waits longer than that before he takes any action.
Answered on 6/09/11, 12:44 pm
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