Legal Question in Credit and Debt Law in Pennsylvania
Statute of limitations
In my reseach, I have found that the statute of limitations for old credit debt is 4 years in Pennsylvania, according to Title 73 Chap.42. Is this correct?
1 Answer from Attorneys
Re: Statute of limitations
You asked if the statute of limitations for old credit debt is 4 years in Pennsylvania (Title 73 Chap. 42).
The statute of limitations limits the time a creditor has to bring suit against a defaulted debt. A creditor can still try to collect the debt for as long as the debt exists. Also, the debt can be reported on a credit report for up to seven years from the date of default (usually 180 days after delinquency begins).
There are two ways to actually extinguish a debt. The first is to pay the contractual amount agreed to or a full agreed settlement. The other way is to seek a discharge in bankruptcy. But in that course there are potentials that the debt could be required to be paid in part or even affirmed.
Regards,
Roger Traversa
email: [email protected]