Legal Question in Credit and Debt Law in New York

I own an s-corp small business and had a line of credit with a very large bank. When I lost about 1/2 my income, it was impossible to keep paying on it. The bank subsequently wrote it off; however, it's been a year and debt collectors have been assigned this loan. They seem extremely patient and are "more than willing to work with me to get this paid"; however, I am wondering if the bank wrote this off, do the debt collectors have any standing for recourse in collecting this written-off debt? i.e., suing me?


Asked on 6/08/12, 11:01 am

1 Answer from Attorneys
David Slater David P. Slater, Esq.

Yes they do. No doubt the debt was sold to them. As long as the Statute of Limitations has not run, they can sue.

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Answered on 6/08/12, 11:06 am


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