Legal Question in Credit and Debt Law in North Carolina

The statute of limitation depends on the type of loan agreement you had, and can be anywhere from 3 to 10 years after you defaulted on the loan. If you do not answer this a default judgment will be entered for the full amount they are asking for. You answer this by filing a written answer with the Clerk of Court. You should have a lawyer advise you about the written answer and get more advice about your financial situation. Get legal advice from a lawyer promptly, because your response is due 30 days after you received the summons. When they get a judgment it will likely be a lien on any real estate you own, and if you do not promptly respond to the paperwork you will receive later, they might be able to take some of your property or freeze your bank account. It might or might not be in your best interest to file for bankruptcy.

Statute of Limitations can depend - usually three years from the last payment. Both you and your wife should file an answer - you are each defendants. You could possibly file a joint answer but couldn't go into detail here on the format, etc. Unfortunately, you probably need some sort of legal assistance to help you file. If you don't file, they will get a default for full amount. If you admit the allegations in the complaint, they will get summary judgment for full amount. So if it seems excessive ir you have other defenses, you either need legal assistance or have to be prepared to do a lot of research on your own. See if you or your wife are eligible for any legal aid perhaps. I'm in Wake if you want to contact me and I might be able to give you a little more guidance.

- Jeff