Legal Question in Credit and Debt Law in New York

Voluntary repo

I need to know the statue of limitation on a vehicle that i gave up in 01/2003? I have not pd on since then. It was charged-off and the activity description was Transfer/Sold. Now a collection agency is going after me. Can they do that? I tried to understand the SOL in NY however, I don't understand what it means. Could someone please help me out? Should I contact a lawyer? I don't have much time over this. Thanks


Asked on 12/28/07, 11:22 am

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Voluntary repo

there is a six year statute of limitations. it means that a creditor has 6 years to sue you to recoever funds that are due them...If they wait too long, you have the statute of limitations as a complete defense IF YOU ASSERT IT IN DEFENSE OF A LAW SUIT THAT IS COMMENCED AGAINST YOU...it is not automatic.

By your dates, they have the right to sue you.

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Answered on 12/28/07, 11:54 am


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