Customer Rights Law Practice Serving Consumers in Chicago, Illinois, and Nationwide
The statute of restrictions on business collection agencies in Illinois varies depending on the sort of agreement joined into from the financial obligation. The statute of limitations is 10 years for written contracts, such as car loans. The statute of limitations is 5 years for oral contracts or open accounts, which often includes credit card debt.
It is important to consider that passing the statute of limits will not no mean you longer have an obligation to repay your debt. But, it can signify you can’t be sued for the financial obligation by way of a debt collector.
If your debt collector tries to sue you for the financial obligation after your statute of limits has passed away, the smartest thing to do is contact one of several consumer legal rights attorneys at Markoff Leinberger. If you fail to contact an attorney and merely disregard the financial obligation collector, they might be effective within their lawsuit against you. Read more