Legal Question in Credit and Debt Law in Oklahoma

Re: Rules regarding charge-offs, collection and interest on debt

The statute of limitations to collect a debt in Texas is typically 4 years. This is calculated from the time the first payment is missed. In order to argue that the debt has been paid you will have to establish some proof of payment. In Texas you are currently allowed to keep one homestead and an additional $60,000 worth of property. Wages cannot be garnished. Yes, if requested, the collection agency must provide you with a detailed history and supporting documention of the debt.

Re: Rules regarding charge-offs, collection and interest on debt

I can answer your questions for Texas. I do not practice in Oklahoma and I am not knowledgeable in Oklahoma law. In Texas, the statute of limitations on a debt claim is 4 years. The interest rate on the debt is generally set by the contract with the creditor. If there is no agreement with the creditor to charge interest, then, in Texas, the creditor can charge 6% interest after 30 days. In Texas, your homestead is exempt from the claim of creditors. Your homestead may consist of up to 10 contiguous urban acres or 200 rural acres (100 acres if single). Wages cannot be garnished in Texas. Most household items are exempt. You can exempt up to $60,000 ($30,000 if single) of personal property. Your homestead and retirement accounts do not apply against the exemption amount. Non-retirement accounts (bank accounts, brokerage accounts, etc.) are not exempt, and can be garnished.