Legal Question in Credit and Debt Law in Texas

Re: Statute of Limitations for Unpaid debts

If the debt is in Texas the statute of limitations is 4 years. If the company threatens litigation you can probably sue them. If they attempt to report it to the a credit reporting firm you have the same option

Re: Statute of Limitations for Unpaid debts

Let me answer your questions in reverse order. You can be held liable for debts of your ex when the debt was incurred during marriage. That she was 'assigned' the debt in the divorce decree only means you could sue her if she didn't pay. The creditor would have had to agree to look only to her, and I've never seen that happen.

The statute of limitations, in Texas, is four years from the date the last payment was due and owing. If you bought the vehicle in '86, with 48 monthly payments, then the last payment would have been due in '90 and limitations run in '94. Unless, of course, you were out of the state for most of the time; that sometimes stops the statute from running. Other states have different limitations periods, and if the contract invoked the laws of a state that had a ten-year limitations, and the payments were extended over a 60 month period, you could be within the limitations period.

Depends upon the contract. Understand that the debt itself may never go away; only the creditor's right to enforce the debt may be barred.