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I have a court judgment which will expire sometime in May this year i.e. 2009. I never paid cash to collection agency, but in the mean time he took my car at one time and I had let him keep and did,not sign any contract. He took two to three times my state income tax as well. My question is : How much time more the collection agency has to collect the debt from me? Judgment against me of course will expire in May. My friend says seven years from the date he picked up my state income tax. My understanding is upto may 2007 as there is no NEW contract between me and the collection agency. Please advice.
First I thought collection agencies were not allowed to take personal property to collect on a debt. It is my belief that once a judgement gets near the expiration date the collector has to go get it renewed. I am not sure how many times they can do this but I read on another post that they can.
Normally, Statute of Limitation on Judgment is between 4 years to 20 years which depends on the state the judgment is made. However, the creditor can also renew the judgment for another 10 years before the SOL gets expired. Can you tell me which state are you from, so that we can try to help you out here.