Tennessee statute of limitations on debt and judgment
Q: I live in Tennessee. I have three questions:
First, how long is the statute of limitations on debt in Tennessee?
Second, how long is the statute of limitations on judgement?
Third, what the difference between the two?
A: Statute of limitations on debt limits the time you can be sued for a debt. If creditor wants to recover a delinquent debt, it must file a lawsuit before statute on debt expires. Debts that are past the statute of limitations are basically uncollectible. The creditor still can file a lawsuit after the SOL ends, but such a lawsuit will be simply thrown out. Tennessee statute of limitations on debt is 6 years across the board for every type of contract, including Oral, Written, Promissory Note and Open-Ended Account.
Statute of limitations for judgments is a time limit for creditor to start collecting after creditor files lawsuit against you and wins the court judgment. Many states permit a renewal of those judgments several times even after they expire, so you can be liable forever until the judgment is satisfied. Statute of limitations for judgments in Tennessee is 10 years with interest rate of 10% or a contract rate, whichever is higher.
Fri May 8, 2009 04:05PM by Tony | More in Debt Relief | Comments (0)
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