Legal Question in Credit and Debt Law in Texas
Debt Collection
A creditor has hired an attorney to collect a debt I owe of $17,000. I have not made a payment in a few years. I am willing to make monthly payments if the interst is removed so the amount will be less amd my payments will reflect an actual reduction on my debt. I have been told that unless I respond, action will be taken locally where I live.What does this mean and what are my options?
2 Answers from Attorneys
Re: Debt Collection
The statute of limitations for suit on a debt is four years. So, if its been more than four years since you have made a payment, you have a defense. Even if it hasn't been four years, these cases are defensible. You should hire an attorney who has experience in these cases.
Re: Debt Collection
It means they may be ready to file a lawsuit against you. See Sharon Campbell's answer as to what to do if they do sue you.
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