Legal Question in Credit and Debt Law in California
credit card debt
Is my credit debt on credit cards forgiven after seven years?
Asked on 6/25/07, 4:03 pm
2 Answers from Attorneys
Jonathan Stein
Law Offices of Jonathan G. Stein
Re: credit card debt
What do you mean by forgiven?. You have a defense after the statute of limitations has expired, but the debt still exists.
Answered on 6/25/07, 4:08 pm
Benjamin Berger
Berger-Harrison, A Professional Corporation
Re: credit card debt
The debt is not "forgiven" but the passage of time may prevent a creditor from successfully suing you in court. The debt can remain on your credit report longer than that. More importantly, at some point the creditor can deem the debt a "charge off" which will result in you being charged with taxable income (via 1099).
Answered on 6/25/07, 4:11 pm
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