Legal Question in Credit and Debt Law in Pennsylvania

statue of limitations

I took out a loan and used my car as collateral and was unable to make the payments and the a car was repossed in 2001,how long does the bank have to sue for the remaining balance and how long can it remain on my credit report.If the bank sends it out to an outside collection agency does the 7 years start over.If the statue of limitaion runs out am I legaly obligated to repay the remaing balance.What is the statues of limitaion in pa


Asked on 5/21/05, 6:38 pm

2 Answers from Attorneys
Peter Dolinger Law Office of Peter M. Dolinger

Re: statue of limitations

Generally speaking, the bank has 4 years to sue. An outside collecion agency has no effect on this.

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Answered on 5/21/05, 7:24 pm
Charles A. Pascal, Jr. Law Office of Charles A. Pascal, Jr.

Re: statue of limitations

Statute of limitations is 4 years from the last time you acknowledged the debt.

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Answered on 5/23/05, 3:15 pm


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