What happens to a debt when the debtor leaves country? Does SOL stops and starts all over again?
Date: Thu, 08/08/2019 - 22:04
What happens to a debt when the debtor leaves country? Does SOL stops and starts all over again?
I have recently heard one story and want to know what happens when: Someone has taken out a loan and then goes to outside USA and comes back after the SOL period is over. Does SOL stops when a person leaves a country with debt?
The SOL period doesn't stop
The SOL period doesn't stop just when you leave the country with debt. Every state has a SOL period, and that starts from the date of first default on your debt and ends after a stipulated period. For instance, in Texas, the SOL period on debt is 4 years. Once 4 years are over, creditors can't file a lawsuit against you anymore.
Well debt is debt. You are
Well debt is debt. You are liable to pay it off. But once the SOL has expired, collection agency can't force you to repay the debt.