Legal Question in Credit and Debt Law in Wisconsin
American express charge off credit
I have a charge off from my credit card.. my credit report shows it was charged off on Nov. 2002. My question is:
Can card company or a collections agency still take me to court to collect on this debt or has the time to take me to court expired....
Wisconsin sol for debt is 7 years and 6 months... is this sol the time it will stay on my credit report or does it mean they still can take me to court if I--name removed--t pay it? I reiterate it is not in collections bec. in the earlier years it went to 3 different collections accounts and finally went back to original creditor Credit card company has sent me a letter asking for less than full amount of the debt and they will give me another card if I do. What are my options and who can I contact about this in more detail. I want to make sure that if they--t take me to court if they decide to pursue this? Need help on what my options are bec. I do not want them to take my wages via garnishment if they do take me to court.. and will they take me to court if it has been about 4.5 years.
1 Answer from Attorneys
Re: American express charge off credit
A debt is an action on contract. The statute of limitations is 6 years. The deadline for a debt on an open account is extended by virtue of any payment made. So, you count the 6 years from the date of last payment. The creditor can file suit up to the last day of the 6 year period. This has nothing to do with the ability to report the debt to a credit reporting agency. I can't help you with an answer to that. See:
893.43 Action on contract. An action upon any contract, obligation or liability, express or implied, including an action to recover fees for professional services, except those mentioned in s. 893.40, shall be commenced within 6 years after the cause of action accrues or be barred.
A creditor cannot garnish unless they first obtain a judgment.
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