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how many years does a creditor have to take me to court or…

how many years does a...
how many years does a creditor have to take me to court or sue me in a civil case for a balance on a loan in texas
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Answered in 2 minutes by:
2/1/2012
D. WINOGO ESQ.
Category: Consumer Protection Law
Satisfied Customers: 4,714
Experience: 10+ yrs experience as arbitrator, litigator, and hearing officer
Verified
The statute of limitations for open accounts and/or written contracts is 4 years. So the creditor has 4 years from the last date that you breached the contract by failing to pay off the loan.
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Customer reply replied 6 years ago

so if i turned in my car to the bank in 1999 and they sold my balance to a debt collection agency in 2001 and since 2 other debt collectors have bought my loan, 11 years later i couldnt be sued for that balance?

That is correct. The only exception is if the bank or the other creditors previously sued you for the deficiency judgment. If they obtained a judgment against you, then they can enforce the judgment for 10 years.
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Customer reply replied 6 years ago
no one has ever sued me or anything except a couple of phone calls in the last 10 years asking if i want to settle with the collector till yesterday i got a call from the debt collectors telling me they are about to serve me today and take me to court and sue me. should i hire a lawyer in town or not worry and take it as a scare tactic?
Don't do anything until and unless you receive a summons and complaint from the creditor. It is probably a scare tactic, but if they do serve you, you can make a motion to dismiss based on the expiration of the statute of limitations.
D. WINOGO ESQ.
Category: Consumer Protection Law
Satisfied Customers: 4,714
Experience: 10+ yrs experience as arbitrator, litigator, and hearing officer
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D. WINOGO ESQ. and 87 other Consumer Protection Law Specialists are ready to help you
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Customer reply replied 6 years ago
thank you very much
My pleasure.
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