Legal Question in Credit and Debt Law in Georgia
contract law
I recently found out that I owe a loan company from 10 years ago. Am I still legally binded to my contract. Also, If they wrote this off on their taxes, can they still collect?
1 Answer from Attorneys
Re: contract law
Ignoring the fact that there is absolutely no way that you would know if someone else wrote something off on taxes, that has absolutely nothing to do with whether you owe the money.
The answer to whether they can collect a 10 year old debt cannot be fully answered by anyone here, as none of us have read the paperwork. The state it was signed in (or, if different, the state law that the contract said governs) would set the statute of limitations, and other language would affect it in the paperwork. For example, a contract or note under seal in Georgia has a 20 year statute, but some open accounts have a much shorter statute.
Note that the statute of limitaions if applicable prevents suit but may not prevent some collection efforts.
Also affecting the answer would be whether they already have a judgment or not.
Related Questions & Answers
-
Credit report Can your credit report be run without your knowledge? Asked 2/17/07, 10:39 am in United States Georgia Credit, Debt and Collections Law