Credit Card Debt $ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+ Other Unsecured Debt $ Select One 0 1 - 2,499 2,500 - 4,999 5,000 - 7,499 7,500 - 9,999 10,000 - 12,499 12,500 - 14,999 15,000 - 19,999 20,000 - 29,999 30,000 - 39,999 40,000 - 49,999 50000+ Number of Creditors    Select One 2 3 4+ Status of Bill Payments    Select One Up to Date About to Fall Behind 1 Month Behind 2 or More Months Behind I want to    Select One Eliminate My Debt Consolidate My Debt Seek Advice Own a Home?    Yes  No

Statue of Limitations Predatory lending refers to the heinous act of being involved in lending practices that take advantage of vulnerable borrowers, such as the elderly, needy or unsophisticated. The term also refers to the practice of convincing borrowers to comply with unfair and abusive loan terms. Such loans could take place either through outright deception or through aggressive sales tactics, thus taking advantage of the borrowers' lack of understanding of extremely complicated transactions. One lending tactic that is generally considered to be predatory is making a secured loan, such as home or car loans, with the expectation that the borrower will not repay the loan and therefore default, following which the lender acquires the title to the home or car in a foreclosure sale. Another typical case of this type of lending is where the monthly payment exceeds 50% or even 75% the borrower's after-tax income, or in case the borrower's income is irregular. While the borrower may be unaware that their default is statistically probable, the lender should be aware of this and not make such loans.

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In real estate you must begin the lawsuit within a legally prescribed time period. If you fail to initiate the lawsuit withing the time period, you may have no remedy in the courts. Four examples for real estate: 1) Three years to bring action for removal of encroachments. 2) Four years to bring action on a written contract. 3) Five years to bring action for recovery of title to property. 4) Ninity days after filling a mechanic's lien.   Individual State of Limitation When you are in debt and cannot pay it off, a creditor legally can collect their money from you. We all know how they do it, from letters to phone calls asking to you to pay it off. Statue of limitations gives creditors certain number of years to collect their money. If they are not able to collect that money in a certain years, legally they no longer come after you.  Let's say that you live in Alabama and you have applied for credit card with limit of $5,000. For some reasons you are not able to repay that money on time and you fall behind your payment. Creditor starts to call you and send you letters that your account is in collection. Here is a tricky part. Creditors in this case has right to collect their money in 6 years period, as stated in our table below. After 6 years they can no longer come after you and it will take anywhere 2-5 additional years until negative collection will be removed from your credit report. Ok, now about the tricky part. How does the creditor know when the 6 year period start? It is not necessarily the day you applied for your credit card. It is the day you stopped paying off your bill. But here is the tricky part. Let's say that you got a credit card in January 2000, than in April 2000 you stopped paying your credit card. You are in default, and this is the start of 6 years period for creditor. Now let's say that in January 2001 you make a payment, thinking you would like to pay it off. Well, the 6-year period is erased and starts again when you default. This process is called "restarting a clock" as called by most creditors. Once you default on a credit card make sure you fully understand statue of limitations. Our table below shows limitations for each state. Statue of Limitation Table: State Years Statue Source Alabama 3 years 6.2.37 State law Alaska 3 years 9.10.053 State law Arizona 3 years 12-543 State law Arkansas 5 years 4-3-118 State law California 4 years 337 State law Colorado 6 years 13-80-103.5 State law Connecticut 6 years 52-576 State law Delaware 3 years Title 10, Sec. 8106 State law D.C. 3 years 12-301 D.C. official code Florida 5 years 95.11 State law Georgia 4 years 9-3-25 State law Hawaii 6 years 657-1 State law Idaho 5 years 5-216 & 5-222 State law Illinois 10 years 5/13-206 State law Indiana 6 years 34-11-2-9 State law Iowa 5 years 614.5 State law Kansas 5 years 60-511 State law Kentucky 5 years  413.120 State law Louisiana 3 years 2-3494-4 State law Maine 6 years 14-205-752 State law Maryland 3 years 5-101 State law Massachusetts 6 years 5-260-2 State law Michigan 6 years 600.5807.8 State law Minnesota 6 years 541.05 State law Mississippi 3 years 15-1-29 State law Missouri 5 years 516.120 State law Montana 8 years 27-2-202 State law Nebraska 4 years 25-206 State law Nevada 4 years 11-190 State law New Hampshire 3 years 382-A:3-118 State law New Jersey 6 years 2A:14-1 State law New Mexico 4 years 37-1-4 State law New York 6 years 2-213 State law North Carolina 3 years 1-52.1 State law North Dakota 6 years 28-01-16 State law Ohio 6 years 2305.07 State law Oklahoma 3 years 12-95 State law Oregon 6 years 12.08 State law Pennsylvania 4 years 42 Pa. C.S. 5525(a) State law Rhode Island 10 years 9-1-13 State law South Carolina 3 years 15-3-530 State law South Dakota 6 years 15-2-13 State law Tennessee 6 years 28-3-109 State law Texas 4 years 16.004 State law Utah 4 years 78-12-25 State law Vermont 3 years 9A-3-118 State law Virginia 3 years 8.01-246 State law Washington 3 years 12-301 State law West Virginia 5 years 55-2-6 State law Wisconsin 6 years 893.43 State law Wyoming 8 years 1-3-105 State law