Whenever debt collectors call you about a debt that fell into collections years ago, you should do some research. There is a chance that they cannot sue you. It generally takes three to six years for debt collectors to file a lawsuit against you to recover debt. The timeframe varies by state and the specific type of debt. It is no longer possible for debt collectors to sue you to recover the debt after the statute of limitations has expired. Nevertheless, that doesn’t mean you’re off the hook. If creditors do not violate the law in their attempt to collect…
Author: Alex Tyson
You may wonder who is responsible for debt after a divorce when you are going through a separation or ending your marriage. In the divorce process, it can be difficult to figure out what happens to your debt if you intermingle your finances, open joint credit or loan accounts, or buy a home. A number of factors determine who is responsible, including your state’s laws, your prenuptial agreement, and whose name was on loans and debts. Debt After divorce, who is liable? It’s important to understand what happens after a divorce if you have built up a lot of debt…