Debt, Statue of Limitations, & Exemptions

[chareem]

What is the name of your state? Texas

I understand that the statue of limitations is four years, but will it be from four years of when the original debt was obtained from the Orginial Debtor or four years from when the debt was obtained by the collection agency? I went to the county courts to review the petition in which the collection agency is in Illinois. One of the exhibits show the credit card account agreement from January 2003 & the Statement of Account that was dated on May 25, 2005.

I also wanted to know if there is a legal document to file for your exemptions. I asked the court clerk about the docmentation and was told," I don't know what you are talking about or the form you are referring to."

Can you please some of the exemptions I can claim?

[JETX]

Originally Posted by chareem

I understand that the statue of limitations is four years, but will it be from four years of when the original debt was obtained from the Orginial Debtor or four years from when the debt was obtained by the collection agency?

Neither. It is four years from the breach (default) on the debt. That is usually one billing period from the last payment or activity.
Example: Lets say that you had a 'January' bill with payment due on or before February 15, 2002. You didn't pay it. The clock would start on Feb 16, 2002 (your breach)..... and any lawsuit filed on or before Feb 15, 2006 would be within the Texas SOL.

Can you please some of the exemptions I can claim?

In Texas, the exemptions against judgment creditors are statutory and do not require your filing a claim. Simply assert your exemption when the sheriff shows up with the 'Writ of Execution' and starts to seize your assets.
The exemptions are listed in Chapter 41 and 42 of the Texas Property Code at: [url]http://www.capitol.state.tx.us/statutes/pr.toc.htm[/url]