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HCLegal
HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience:  I have filed over a thousand bankruptcy cases.
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Good Day.... After my open heart surgery in the summer of

Customer Question

Good Day....

After my open heart surgery in the summer of 2006 I lost my job (couldn't work).

I defaulted on all of my credit cards about November of 2006. Does the new law
changing the statute of limitations from 3 to now 6 years on credit card debt apply to me or am I Grandfathered in because the defaults occured prior to the inactment of the law.

Thanks for your help and Happy New Year..

Bill G
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 4 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

WebLaw :

The current statute of limitations would apply unless your credit card agreement stated otherwise.

WebLaw :

You may want to consider filing a chapter 7 bankruptcy to discharge the credit card debt

WebLaw :

I think this is what you wanted to know.
Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

Best wishes for a Happy and Healthy New Year!

Customer:

The chapter 7 bankruptcy has always been a consideration...However, I still need my question answered...DOES THE CHANGE IN THE AARIZONA LAW after the

WebLaw :

I apologize that my answer was not clear to you. The new statute of limitations applies unless your credit card contract states differently

Customer:

fact ..."GrandFather me in on the origional 3 year statute for unsecured debt.......The credit card agreement states nothing about a time limit, so I must assume that

Customer:

state law super seeds any signed agreement...particularly since oe of them dates back to1981...correct.....

WebLaw :

Unfortunately that is correct – the six-year limit would apply

Customer:

If you need to do some research that will definatively state your legal opinion, can you please find where in the statute it mentions this NOT being GrandFathered in as most changes to any credit statue changes are NOT retroactive. I am a very patient person...if you need to take some time to make sure that your answer is correct, I will be availavable a little later,were now into happy hour.....and this answer cant

Customer:

can't be an assumption based on PL knowledge...it's very iportat that I have a basis, in fact, or some case history on your answer. Thanks

WebLaw :

I will opt out in favor of Arizona attorney

Customer:

I'm off to my fav. new shopping place ....Walmart.....b back in 20 minutes.....Bill

Expert:  HCLegal replied 4 years ago.
The statute of limitations for you would still be 3 years from when you stopped paying the debt.
Customer: replied 4 years ago.
In all do respect to your "off the Cuff" answer.....Have you been able to look at the revised Arizona statute AR. ?? to determine that there is text to state unequivically that the new revised statute involves those individuals that the three year period has already come and gone.... It would certainly seem unusual to inact a law that brings debters that have had the three years ago, now be liable AGAIN.For annother 3 years....my debt is coming up on six years (at 5 yearsold presently)....and this is very important for me moving forward with applying for a mortgage on a home that I want to buy now.
Expert:  HCLegal replied 4 years ago.
The statute of limitations is 3 years on credit card debt. The link is below, but in case the link doesn't work google this... "Arizona sec 12-543" is the statute.

http://www.azleg.state.az.us/FormatDocument.asp?inDoc=/ars/12/00543.htm&Title=12&DocType=ARS

The 6 year limitation is for written contracts and promissory notes. Credit cards are open or stated accounts and thus fall under the 3 years statute of limitations.

As far as buying a house, the debt is going to stay on your credit report for 7 years.

I hope that clears up any confusion but if you have any other questions please let me know!

HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience: I have filed over a thousand bankruptcy cases.
HCLegal and other Bankruptcy Law Specialists are ready to help you