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    sadinnj's Avatar
    sadinnj Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 8, 2007, 08:35 PM
    Statute of limitations
    If I opend an account in 2000 and the creditors wrote off the balance as bad debt, am I resposible to pay off the balance. New Jersey statue of limitations is 3-6 years, In this case has th New Jersey statue of limitations law expired? Please advise, Thankis

    sadinnj07
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 8, 2007, 08:54 PM
    If you borrowed the money then you are obligated to pay it back. A chargeoff is a tax maneuver that has no bearing on your responsibility to pay the debt. Nor does the statute of limitations affect that responsibility. The SOL only affects what methods the creditor can use to compel you to pay.
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