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Dave Kennett
Dave Kennett, Lawyer (JD)
Category: Legal
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Experience:  25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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WHAT IS THE CURRENT STATUTE OF LIMITATIONS FOR CREDIT CARD

Customer Question

WHAT IS THE CURRENT STATUTE OF LIMITATIONS FOR CREDIT CARD (REVOLVING) DEBT IN THE STATE OF GA?
WHAT IS THE AMOUNT OF EQUITY AMARRIED COUPLE CAN HAVE IN THEIR HOME IN GA IF WE FILE BANKRUPTCY AND WE ARE IN OUR 70'S
Submitted: 1 year ago.
Category: Legal
Expert:  Dave Kennett replied 1 year ago.
Dear JACUSTOMER - The statute of limitations on credit card debt is 6 years, assuming there was a signed application or 4years fir an oral contract if there was nothing in writing. This would be from either the date of the last charge or payment on the account. The bankruptcy exemption for a married couple on their home would be $43,000 and if not all is need up to $5000 to be used for other property. It would not matter what age you happen to be. The statute of limitations must be used as a defense to a law suit so it doesn't mean you can't be sued beyond the time period allowed. In a bankruptcy there are also numerous other exemptions for various items of personal property in addition to the real estate.
Dave Kennett, Lawyer (JD)
Category: Legal
Satisfied Customers: 27687
Experience: 25 years experience in general law, including real estate, criminal, traffic, and domestic relations
Dave Kennett and 5 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

David,


Please re-verify GA bankruptcy law on homestead exemptions on real estate? One web site stated $20000 for married couples. Another up to$125000,


If the credit card company cannot provide signatures on the applications but has signatures on the charge slips is that 4 years or 6 years?


Thanks,

Expert:  Dave Kennett replied 1 year ago.

Here is the GA statute link. The exemption for married couples is $43,000 so I'm not certain where the $125,000 came from.

http://www.lexisnexis.com/hottopics/gacode/

The credit card SOL would be 4 years if there is no signed contract.

 

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Dave Kennett
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25 years experience in general law, including real estate, criminal, traffic, and domestic relations