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?


Asked on 7/26/06, 3:29 pm

1 Answer from Attorneys

Roger Traversa Arjont Group (Law Office of Roger Traversa)

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]

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Answered on 7/26/06, 4:17 pm


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