How is a debt erased after seven years?

In Kansas, consumer debt defense law states that any debt that has gone unpaid for seven years or longer may be erased or “discharged”. This means that the creditor can no longer attempt to collect the debt and the debtor will not have to pay it. When a debt reaches seven years without being paid, the creditor must notify the credit bureaus of the debt’s status. This is often thought of a “statute of limitations”, which is a law that sets a maximum period after an event within which the creditor can take legal action. Once the creditor has notified the credit bureaus of the debt’s status, the debt will be removed from the debtor’s credit report. This will help improve their credit score by removing the negative impact of a delinquent debt from the credit score. However, it is important to understand that erasing a debt after seven years does not mean the debtor is not responsible for the debt. The debt is still due and the creditor can still attempt to collect the debt. The only difference is that the creditor can no longer sue for the debt. Therefore, it is important to pay any debt as soon as possible in order to avoid the risk of the debt being erased in seven years.

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How is a debt erased after seven years?

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