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Maverick, Attorney
Category: Legal
Satisfied Customers: 6423
Experience:  20 years experience as a civil trial and appellate lawyer
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I had retired a few years ago with the intention of selling

Customer Question

I had retired a few years ago with the intention of selling my primary residence in Maryland. I am 74 years old. The market crashed therefore I still own the property which I knew I could not afford on my retirement income. Market is now opening back up, so I plan to sell. My credit rating went from excellent to fair.
I received a call today from Assured Financial, the company that purchased my debt from Chase. They are talking about liens, garnishment, etc for this debt from 2009. They will accept a cash payment of $10,000 for the debt of $17,338.00. With the IRS breathing down my neck, I do not have the $10,000.
I thought there was a 6 year limit on there ability to file a law suit. What is the limit?
Submitted: 1 year ago.
Category: Legal
Expert:  Maverick replied 1 year ago.

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Expert:  Maverick replied 1 year ago.

Need some clarification please:

1. What was the Chase debt for? credit card, car loan, etc??

2. When was the last time that you made a payment on this debt?

3. Did Chase or AF ever file suit on this debt?

Customer: replied 1 year ago.
Credit card debt
Last payment over 6 years ago
Customer: replied 1 year ago.
No suit file yet.
Expert:  Maverick replied 1 year ago.

In Maryland, the statute of limitations requires that a law suit be filed within 3 years for written contracts, and 3 years for open accounts, such as your credit card debt here. So, it means that if the date of the last activity on the account or the date the account was written off as a bad debt was at least 3 years ago, then you can raise the statute of limitations as a defense to the complaint.

It would appear that you should not pay them any money on this debt.