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cfortunato
cfortunato, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 8023
Experience:  Areas of practice: Landlord/Tenant, Bankruptcy, Consumer Debt
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Hi, I live in Illinois. I have an old credit card debt since

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Hi, I live in Illinois. I have an old credit card debt since August 2009.

1) What is the statutory limit for this kind of debts?
2) My ex-wife was an authorized user on the card. Is she responsible for the debt?
3) Is my current wife resposible for the debt with her property? Our common property? For example, can collection agencies get garnishment of her savings account or car?
4) Can collection agencies get garnishment of 403b or other retirement accounts?

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Consumer Protection attorney here to assist you.

cfortunato :

1) Was your last payment to this credit card made in August 2009?Did you and your current wife marry before or after August 2009?

cfortunato :

2) Did you and your current wife marry before or after August 2009?

Customer:

1) Last payment in Aug 2009. Married my current wife after 2009

cfortunato :

Thank you for your response.

cfortunato :

1) The statute of limitations for this type of debt is 5 years. The 5 years is measured from the date of default, which is 30 days after your last payment.

cfortunato :

2) If your ex-wife was only an authorized user for the credit card, she cannot be held liable for that debt.

Customer:

Re: 1) So they will not be able to bankrupt me or sue me after approx Oct 2014?

Customer:

2) OK

cfortunato :

3) Your current wife cannot be held liable for that debt. This means her separate (pre-marital) property cannot be attached or garnished for this debt. But your share of any marital property can be attached or garnished. (Marital property is most property that is acquired while you are married.)

cfortunato :

1) Yes - after September 2014 the credit card company can no longer legally collect the debt.

cfortunato :

4) 403b accounts and most retirement accounts are exempt (protected) from collection by credit card companies.

Customer:

Last question: the statutory limit does not apply to the account for which garnishment is already in place, correct?

cfortunato :

1) To clarify - after September 2014, the credit card company can not go to court to get a judgment for the debt. If a judgment has already been gotten, the credit card company can continue to collect the judgement for 20 years.

cfortunato :

If there is a garnishment already in place, that means the creditor has already gotten a judgment, and the 5-year Statute of Limitations would not apply.

I think this is what you wanted to know. If not, please let me know.
Thank you!
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