Legal Question in Credit and Debt Law in New York
Debt Collections
A friend of mine defaulted on a furniture purchase over 10 years ago. The store has been long since gone out of business. She opened a joint bank account with another person; now, that person has had her bank account closed because of my friend's default. Is this legal? Also, my friend has been notified that the marshals might seize her household preperty. What is the time frame for debt collections? Is it 7 years? Can a collector come after you forever?
2 Answers from Attorneys
Re: Debt Collections
the time limit depends on whether the creditor timely obtained a Judgment, which can then last for 20 years.
Consider Bankruptcy.
Jacob Silver
Attorney At Law
26 Court Street
Suite 2511
Brooklyn, NY 11242
http://www.silverbankruptcy.com
Re: Debt Collections
There is something fundamentally wrong with your story. Almost all of it is nonsense. Accounts are not closed because someone on the account defaulted on a furniture purchase...you are probably leaving out some very important details. It is certainly not legal if what you say is true (but I would wager that you are factually mistaken). Sheriff's cannot seize household property. 6 years is the usual statute of limitations. If a judgment was entered (and it appears that might be the case here) the judgment is good for 20 years and can be renewed. You don't state how large the judgment is so I cannot give you any advise as to what your friend should be doing...
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