- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
I live in WI (yeah I know, pity me guys!) and I learned something I did not know. It seems that two states, WI and MS, have statutes where debts that are past the statute of limitations, simply do not exist anymore.
In all other states (with NC being slightly different from what I saw) that is not the case and an unpaid debt exists forever, though if they sue you for it after it is time barred, you just assert the SOL defense and assuming that's the case, they just filed a pointless suit. But in my state, once it runs the statute, it no longer exists period.
I read numerous accounts of this, and on one a lawyer listed the applicable statute in Wisconsin law. I had frankly been expecting bottom feeders to crawl out of the woodwork once I got a mortgage but it's been dead quiet, and now I know why.
It is nice to know the debts are no more period. It is a surprise to learn that. As far as when the statute ran, the debts first become delinquent in 2002 and the statute on credit card debt here is 6 years so it would have run in 2008. So it's been a lot of years.