How long can creditors come after me for payment?

How long can creditors come after me for payment?

Currently, there are numerous Michigan residents who have debt that they cannot repay. Their creditors are constantly hounding them for payment. Those who have found themselves in this position likely want to know how long creditors can keep coming after them.

Some people may not be aware that there is a statute of limitations on debt. This means that creditors only have so much time to sue for repayment. Let’s look at credit card debt as an example. In the state of Michigan, creditors have six years to utilize legal means to seek repayment on credit card debt. After the time runs out, they no longer have the right to take legal action, unless they can somehow restart the clock — this they may do by getting a debtor to make a payment.

While there may be a statute of limitations on debt, there is no law that says creditors only have so long to contact people about the debts they owe. Even if their legal options to collect have expired, they can still call, send letters, send texts and send emails — among other things — trying to get people to pay. How long they wish to keep this up is really up to them.

Some people may be willing to wait out the statute of limitations and deal with creditors making demands — which is not recommended. Others, however, just want to be free of their creditors once and for all. Michigan residents who are in the latter position may find that bankruptcy or other debt-relief options can help them achieve their goals. Legal counsel can assist one in choosing the course of action best suited to one’s needs.

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