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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2891
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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What is the statue of limitation on credit card debt in vi

Resolved Question:

What is the statue of limitation on credit card debt in virginia?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Here are the statute of limitations, depending on the type of debt and where from:

Open account: 3 years from the last payment or last charge for goods or services rendered on the account.
Written contracts (non-UCC): 5 years.
Sale of goods under the UCC: 4 years.
Virginia Judgments: 10 years, and renewable (extended) to 20 years.
Foreign judgments: 10 years.

So, if a credit card sues you, they can collect for 10 more years, then renew, and get another 10 years. They can garnish wages,put a lien on real estate and freeze/seize your bank accounts or other unexempt assets. Therefore, bankruptcy may be a good option after all.
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