Debt Relief - Statute of Limitations

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Debt Relief - Statute of Limitations
You frquently hear about the Statute of Limitations but what exactly is it and how does it apply to you? In short, the Statute of Limitations (as far as debt is concerned) is the amount of time a creditor has to sue you to receive what you owe them. Each state has its own time frame for a Statute of Limitation.

A definition from Law.com extensively defines the Statute of Limitations (SOL) as: "a law which sets the maximum period which one can wait before filing a lawsuit, depending on the type of case or claim. The periods vary by state. Federal statutes set the limitations for suits filed in federal courts. If the lawsuit or claim is not filed before the statutory deadline, the right to sue or make a claim is forever dead (barred).

"The types of cases and statute of limitations periods are broken down among: personal injury from negligence or intentional wrongdoing, property damage from negligence or intentional wrongdoing, breach of an oral contract, breach of a written contract, professional malpractice, libel, slander, fraud, trespass, a claim against a governmental entity (usually a short time), and some other variations....

"The limitations (depending on the state) generally range from 1 to 6 years except for in Rhode Island, which uses 10 years for several causes of action. Louisiana has the strictest limitations, cutting off lawsuit rights at one year for almost all types of cases except contracts. California also has short periods, usually one year, with two years for most property damage and oral contracts and four years for written contracts.

"There are also statutes of limitations to enforce a judgment, ranging from five to 25 years, depending on the state. Some states have special requirements before a lawsuit can be filed, such as a written warning to a physician in a claim of malpractice, making a demand upon a state agency and then waiting for the claim to be denied or ignored for a particular period, first demanding a retraction before filing a libel suit, and other variations. Vermont protects its ski resorts by allowing only one year for filing a lawsuit for injuries suffered in a skiing accident as an exception to that state's three-year statute of limitations for other personal injuries."

To determine the debt Statute of Limitation (SOL) for your particular state, I recommend visiting one of several sites.

1. Carreon and Associates

2. Fair Debt Collection.com

3. Nolo Press

According to Nolo Press:

"In most situations the time starts to run on the 'date of harm.' However, a huge exception to this general rule exists. The exception protects plaintiffs in situations where they may not be aware for months or even years that they have been harmed. In such situations, statutes of limitations may begin the clock ticking either on the 'date of discovery' of the harm, or on the date on which the plaintiff 'should have discovered' the harm...."

With reference to Statute of Limitations in general with regards to military personnel, Military.com states: "A member's time in service cannot be used to compute the time limits for bringing any action or proceeding by or against a member, whether in court or elsewhere."

Fair Debt Collection provides this extremely important warning: "While the statute of limitations is running or even after it's expired, making ANY payment or signing a promissory note can reset or restart (depends on your state law) the statute of limitations. Always check if the SOL has expired BEFORE making a payment, signing an agreement to make payments or even acknowledging the debt is valid!"

Roger Sorensen

America's Financial Guide can be found at ==>http://www.Slave2Work.com Subscribe to Money Basics via http://www.slave2work.com/ezine.html

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Avoid credit card debt

Applying for your first ever credit card can be all exciting. But the thrill fades away when you suddenly realize that your debt is piling up. You splurge all that money, now its pay back time. The delight of cashless purchase here and there can be addictive. After months of mismanaged finances, you are left with a high bill that you have no means of paying. You don't want the nightmare of credit card debt to happen to you, do you? Here are tips that you can use to turn your back to possible credit card debts.

*Always take note of your credit card spending. You may think as if the things that you are purchasing are free since you don't have to pay for upfront cash. But we are not in a fantasy land and all things in the world come with a price tag. Limit your credit card usage and keep all the receipts to keep you on track.

*Pay your credit card bills on their due date. This is the most logical way to avoid debts. Late fees are applicable when you pay your bill even after the day of the due date.

*Keep only one credit card if possible. Well, it is possible. Save the card with most efficient service, low interest rate and with all the benefits that you need. You can avoid debt by carrying cash at hand and using this one card just for emergency purposes.

*Pay off you credit card debt immediately. In worst case scenarios, if and when you are in the deep mud of credit card debt, you have an option to sell your personal belongings that have a high value. Don't sell everything though; just those that you bought to spoil yourself like expensive entertainment system and the like.

*Call your credit card company and negotiate on annual fees. Explain your situation and about your fnancial difficulties as of the moment. Most credit card companies can lower down their annual charges; some may completely drop the fees. Tell them that without the reduce charges you might need to close your credit card account. This usually gets them attentive and pushes them to pull some strings to help you. Though you might not want to try this particular advice to credit cards that are in partnership with hotel and airlines, they are known to be strict and wouldn't lower their annual fees.

*If all the effort you exerted to pay off your credit card debt has been in vain, then it is time to call professional help. Credit card debt consolidators can readily advice you on how you can pay off your debts in a more effective and systematic way. They would consolidate all your debts, compute the total amount at a minimum and then send you a bill every month. They will then allocate the over- all balance you need to pay to the different creditors you have. The debt consolidation agencies do charge a monthly service fee but you can find other non-profit debt consolidators too. Just a caution, be wary of low- class debt consolidator that promises an instant and immediate fix on your credit card debts. You might end up paying more than your initial debt.

The key to avoiding debt is to have self control. Limit your spending. Keep track of the things you purchase on your credit cards. When you have the money, pay off your debts immediately. Come to think of it, credit cards are initially created so that you can use them to manage you finances and clearly not the other way around.

Christopher M. Luck has an extensive background in dealing exclusively with major credit card companies and is now offering his free professional debt secrets to the public. If you are at all interested in Christopher's professional credit card debt advice, tips, or secrets, you can visit his finance blog.


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Debt Relief - Statute of Limitations
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