Legal Question in Bankruptcy in New York
Credit collection
Is there a statute of limitations on how many years a creditor can collect on a credit debt/ I had begun a bankruptcy proceeeding via legal services provided by my union that was not followed through due to reasons not clear. they have advised me that there is statute of limitaitons on credit issues and rights to collection. i would like to know if this is so and if it is what is that time frame?
2 Answers from Attorneys
Re: Credit collection
The statute of limitations for contract claims is six years. This includes credit card collections. The six years starts from the date when payment was first due or from the date of the last payment. The statute of limitations period starts over if a payment is made or a promise to repay the debt is made in writing.
Re: Credit collection
Yes. There is a statute of limitations in New York for collecting on debts. It is six years from the date of the last financial transaction. That means the six year clock starts ticking from the date of the last payment, or the date of the last charge, whichever is most recent.
If there are still several years to go, you may still want to consider bankruptcy.
For more information about filing bankruptcy in New York, please see my website, www.BankruptcyCanHelp.com
Also check out my bankruptcy blog, www.LongIslandBankruptcyBlog.com
Good luck!
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