Legal Question in Technology Law in Maryland

hello i cosinged for a car in 1997, the car'sengine blew up within 5 days, it was supposed to be fixed and returned but the dealership went out of business, i just recieved a letter today stating that i owe $16,000 the orginal price was only $7000 before i paid a $1100 down payment. The collections agency says that it was a forfiture of the auto can i still be made to pay this money after 11 years? Can it affect my credit? please help thanks



Asked on 3/14/11, 5:24 pm

1 Answer from Attorneys

Lawrence Holzman Holzman Law Firm, LLC

Dont pay a dime til you talk to a lawyer. IF this is in Maryland and the dealer was in Maryland, then if nobody has paid them in the past three years they are probably totally out of luck as the statute of limitations for collection of a contract debt in Maryland is 3 years. NOW -- the contract took place in another state, it could have different language or the law may be different, so you need to talk to a lawyer about how to proceed.

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Answered on 4/20/11, 12:48 pm

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