How is a debt erased after seven years?

Consumer debt defense law in West Virginia allows debt to be erased after seven years. This is done through the process of “statute of limitations,” which is the amount of time a creditor or collector has to sue for an unpaid debt. When seven years have passed since the date of the last payment made by the debtor, the debt is considered “time-barred”. This means that the creditor can no longer take legal action to recover the debt and must cease all collection attempts and communications. Although the debt is still legally owed, it cannot be collected, so for all practical purposes it is “erased.” The debt can still show up on the debtor’s credit report for up to seven years, which may affect their ability to borrow money or get credit in the future. The seven-year time limit may be different from one state to another, so it is important to research and understand the law in West Virginia. If the debtor is contacted by a collector, they should be aware of the statute of limitations and can ask the collector to provide proof of the date of the last payment before it became time-barred. They may also refer the collector to a consumer debt defense attorney.

Related FAQs

Can a debt collector threaten to garnish my wages?
Can a debt collector contact me by email?
Can a debt collector contact my family or friends about my debt?
What is a default judgment?
Can a debt collector take me to court?
How do I stop a debt collector from calling me?
How do I challenge a charge-off on my credit report?
Can I be liable for a debt if my spouse passes away?
What happens if I default on a debt repayment plan?
Can I be sued for a time-barred debt?

How is a debt erased after seven years?

Related FAQs

Related Blog Posts