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Collections Law/Clarification of SOL on debts

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Expert: John Hall - 4/30/2006


Question
Hello John,

First, I would like to thank you and the other experts for providing this service.  Your expertise has helped me a great deal.

I understand the time requirement on the SOL but when does this "SOL period" begin?  Does it begin on the signature date of the contract or the date the debt went into default (or should I say the date the account went into collection status)?

Thanks again,

Terrance

Answer
Both the FCRA (pertaining to how long it stays on your credit report) and the SOL   are keyed to the date of last activity, not the signature date and not necessarily the default date.       There is more to it that you are asking though in terms of the effect of the SOL and whether a particular date is THE date for SOL purposes.  Call me if you like.  I will explain this further and not charge you just to talk.   661  492-2673

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John Hall

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Law school graduate, Juris Doctorate (J.D.) Degree; Over 25 years of experience throughout the United States in bankruptcy law matters (Chapters 7, 11, and 13 of the United States Bankruptcy Code) primarily representing individual debtors with consumer debt or small businesses; Experience has included all aspects of debtor/creditor relations.

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FREE BANKRUPTCY HELP. If you are being sued, if your home is being foreclosed, or if you are being harassed by bill collectors, filing for bankruptcy may be a quick and inexpensive solution.. The mere filing of a bankruptcy will operate as a federal court order (it is called an automatic stay) to stop all bill collection efforts, including lawsuits that are pending or ongoing. Bankruptcy is a legitimate way to meet your problems with debt head-on. The bankruptcy law is designed to give you a second chance to make a new start without the psychological and financial burden of pressing debts that you are unable to pay. Depending on what state you live in and what your assets are, it is very unlikely that you are going to have to lose anything if you file for bankruptcy, and this is something that you can do immediately without having to pay the $500 to $1,500 attorney fees that most attorneys charge. Also, you might be surprised that you can file for bankruptcy and that it will not have the devastating effect on your credit that most bill collectors describe. Life is too short to have all this anxiety over losing your car through repossession, getting evicted from your home, or losing your home through foreclosure. Bankruptcy law was designed to give you a second chance. I will not charge you just to talk on the phone. Call me at 432 853-5711, or send me an email at j_h14@hotmail.com with your telephone number, and I will call you back.

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