Abandoning credit debt.....statute of limitation?

My brother owes $7,000 spread out to 5 different credit cards. The accounts just recently went into collection. My brother got a job offer in England so he will be leaving the country atleast 10 years if not permanently. According to the statute of limitations all that debt will be written off in about 7 years right?

Abandoning credit debt.....statute of limitation?bad credit loan

No. The 7 year rule you are thinking about is for credit reporting. The company is no longer allowed to report the debt on his credit report after 7 years. He still owes the debt though, and will owe it forever, until he pays it back.

Abandoning credit debt.....statute of limitation? loan

Look on the web for Statue of Limitation on debt for your State. They vary from State to State. In Texas it is 4 years, after that time you can not be sued. If your brother is out of the country for 10 years and can not be located, he can still be sued and judgement or lein placed on any further assets as long as it is within the Statue of Limitations.|||The statute of limitations on debt varies from 4 to 6 years in most states. It can be longer in some - I believe up to 13 years.

In a situation like your brother is in, the creditor can still start suit either using the %26quot;long arm%26quot; jurisdiction of most courts or, if he leaves any property or bank accounts behind, by using what is called %26quot;in res%26quot; jurisdiction - basically suing the assets rather than the owner of them.

If your brother does not respond to the suit, the creditor can get a default judgment that is valid for 30 years or more. It can then take that judgement to an English court to get it enforced or it can wait for your brother to return home.

Believe it or not, your brother can be found and even sued in England, although most creditors probably wouldn%26#039;t bother.

The unpaid debt will remain on his credit report for at least seven years. I don%26#039;t know if the credit bureaus share information with overseas bureaus, but Experian is based in Germany, so his ability to borrow in England might be effected.|||The statute of limitations is %26quot;tolled%26quot; or put on hold when you leave the state.