Legal Question in Credit and Debt Law in Pennsylvania

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]