Legal Question in Credit and Debt Law in Virginia

Is there a time limit on how long a bank can require you to pay a loan if you haven't paid a payment in three years. It was an auto loan & the vehicle was wrecked without any liability insurance which the bank knew there wasn't any insurance so why didn't they take insurance on it that is common practice here in Virginia. My parents, took out this loan for a truck for my brother, the truck was wrecked but nobody was ever charged in the wreck. Since then my parents have divorced and they both are on social security. My mother is on disability & my Father is on Social Security, can they garnishee their checks?

Asked on 10/29/10, 6:19 am

Michael Hendrickson Law Office Michael E. Hendrickson

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No, your parents' social security checks cannot be garnished for this kind of debt.

Assuming there was a written contract for this truck loan, the statute of limitations would run at least five years from the date of default.

Answered on 11/04/10, 8:53 pm

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