I need to know if there is a stature of limitations on debts over 10 years old? I received a collection notice from a collection agency for a bill from 1993 - 1994 and after 10 years, this bill is being sought for collection, is this legal?
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Generally a debt made by a minor is unenforceable unless it is for essentials food, shelter, etc. If it is for anything non-essential,credit cards, car, toys, etc; it is not enforceable. The time limit is generally 5-6 years. Any one giving business to a 13 year old takes their chances unless it is guaranteed by a guardian.
answered 1 year ago
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It doesn't matter how old the debt is, it matters when you last paid on the debt or made an agreement to pay on the debt. The general rule of thumb is 7 years after the activity on the account has stopped. School loans are different; they stay with you forever.
answered 1 year ago
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