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Is there a legal time frame to collect a charge off debt that has been recently acquired by a second party from the original creditor if the charge off is 10 years old?

In: Debt Counselors and Consolidation [Edit categories]

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There are not laws that pertain to how long a debt is collectible or how long collection action can be taken. There are statute of limitations regarding the length of time a lawsuit can be filed against the debtor for the recovery of monies owed. States establish laws regulating SOL's and their application to different types of debts.

First answer by Macky. Last edit by Macky. Contributor trust: 5187 [recommend contributor ]. Question popularity: 56 [recommend question].

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