Lawyers

  Do I Have to Pay My Old Debts? If you live in New York and have some old debts, there is a statute of limitations you need to know about. But it may not protect you against “zombie” debts.  If you live in New York, and debt collectors are calling, you need to know some basic facts: The statute of limitations for old debt is six years Many old debts are sold to debt collection agencies for pennies on the dollar Some of these agencies may try and trick you into paying a debt that you don’t have to You have a number of state and federal laws to protect you The debts we’re talking about are consumer debts - credit card debt , auto loans, medical bills, student loans, mortgage, etc. Business debts and unpaid taxes are treated differently. Battling “Zombie” Debts In New York, the statute of limitations for old debt is six years from the time the debt became due or when you made your most recent payment, whichever is more recent. So even if a debt colle...