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How does the statute of limitations work on debt in Ohio? P. 1

Sources say that nearly 15 percent of all American households had at least one debt in some stage of the collections process at the end of 2012. That statistic represents those households that have fallen delinquent on a loan, or are in default. The statistics reveal that a great many households continue to suffer from some level of financial stress.

Cincinnati area readers who have faced the debt collection industry may know that collections can be merely a hassle at times, but collections can involve creditor harassment, lawsuits seeking a judgment on debt and a host of other issues. It is also important to note that when a creditor brings a lawsuit on a debt, a judgment can lead to other collection tactics, such as banks account seizures and wage garnishment.

When it comes to lawsuits, each state has its own statute of limitations when a collector can no longer file a claim in court. That does not mean that collectors do not continue to seek repayment after the statute of limitations has run its course. The limitation period may be raised as a defense in a lawsuit on a debt. Commentators say that a uniform statute of limitations across all states may reduce confusion over how and when a creditor can sue on a debt.

Analysts say that the statute of limitations period is important. As debts age, holes in documentation can arise, leading to errors in whether a debt is valid. This blog has discussed that robo-signing type issues have been found in the credit card debt collection industry as debts are sold and transferred to other companies, leading to breaks in how the debt ever allegedly arose in the first place.

In the next entry, we will continue the discussion over the statute of limitations on a debt, including the reasons why a person filing for bankruptcy protection will generally include old debts that have seen the statute of limitations pass.

Source: Creditcards.com, "Expiration dates fuzzy on old card debt," Fred O. Williams

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