Legal Question in Credit and Debt Law in Texas

old debt collection attempt

From time to time I receive a notice from some collection

agency representing Sears about a debt they say I owe that

has to go back to prior to 1993. No legal action has ever

taken place, and my credi report does not reflect this debt.

Do they still have a case after all this time. I could have

been out or jail for a number of felonies in this length of


Asked on 6/14/06, 5:10 pm

1 Answer from Attorneys

Peter Bradie Bradie, Bradie & Bradie

Re: old debt collection attempt

Limitations bars legal action (lawsuit to collect) and the FCRPA bars entry of a debt older tha seven years, or ten years for a bankruptcy. That doesn't mean the debt has gone away, simply that legal action can't be taken to collect.

Your old debt is what is called a negotiable instrument. The paper can be bought and sold on pennies for the dollar of debt. They'll try and see if you will bite. Offer to buy the paper for 3% of the debt; they just might sell it to you.

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Answered on 6/14/06, 5:26 pm


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