CHAPT 13
Date: Sat, 01/31/2009 - 10:44
DOES A CHAPTER13 DISMISSAL9NOT DISCHARGE) AFFECT THE STATUTE OF LIMITAYIONS FOR DEBT?
Sometimes a stay of collection can toll the SOL. Meaning that w
Sometimes a stay of collection can toll the SOL. Meaning that while a creditor wasn't legally able to collect/file suit (because of the BK), the SOL clock "paused" and then resumed when your BK was dismissed.
Suppose the SOL for a debt is 5 years, and 2 years had elapsed prior to your filing BK. Whether your 13 plan went on for 1 year or 4 years before it was dismissed ... once it was dismissed, the SOL for that debt is still 3 years because it was tolled the whole time you were under court protection.
