Judgment and Statute of Limitation

[Ronald Maurer]

What is the name of your state (only U.S. law)? New York. I have a judgment entered against me for a credit card debt in February of 1989. I did not become aware of this debt until two months ago. I started making voluntary payments to prevent garnishment. I asked them to validate the debt and they could not. The interest was over $5,000 which I know is statutory.
My question is this: The 20 year statute of limitation for personal assets in New York is 20 years? Does this SOL run out in February? Can it be renewed in New York?
Thank you for your advice. I do not remember this debt and cannot believe I knew nothing about it for all these years.What is the name of your state (only U.S. law)?

 

[Antigone*]

What is the name of your state (only U.S. law)? New York. I have a judgment entered against me for a credit card debt in February of 1989. I did not become aware of this debt until two months ago. I started making voluntary payments to prevent garnishment. I asked them to validate the debt and they could not. The interest was over $5,000 which I know is statutory.
My question is this: The 20 year statute of limitation for personal assets in New York is 20 years? Does this SOL run out in February? Can it be renewed in New York?
Thank you for your advice. I do not remember this debt and cannot believe I knew nothing about it for all these years.What is the name of your state (only U.S. law)?

The time for validating a debt is prior to having the judgement issued. Having said that though, the SOL in New York is 20 years total. They must have renewed the judgment 10 years ago.

 

[Ronald Maurer]

Thank you so much for your response. So am I safe to assume that after February '09 when the SOL runs out I do not have to send anymore voluntary payments???

 

[Antigone*]

Thank you so much for your response. So am I safe to assume that after February '09 when the SOL runs out I do not have to send anymore voluntary payments???

I didn't say that. I just answered your question with regard to the SOL.

 

[Chien]

If they are smart, they’ll start a wage garnishment while the judgment is still valid. A garnishment is a court Order to release to the judgment creditor the non-exempt portion of wages up to the statutory maximum and, if started while the judgment is valid, it outlives the expiration of the judgment. If you change jobs or some other event occurs after the judgment expires, the judgment creditor won’t be able to start a new one, but the one started before expiration keeps going like the Energizer bunny.

You should make very sure of that expiration date, make your current voluntary payments in a timely manner, stay very low on the radar and hope for the best – i.e. that the advisability of garnishment is overlooked because regular payments are already coming in.

 

[Ronald Maurer]

Thank you Chien. The voluntary payments are just a little less than what they would be able to get with garnishment. However the Sheriff says as long as I make the voluntary payments, the garnishment will not be filed. Also I did change jobs....not intentionally but because of opportunity. I have no problem paying the principal but the interest is exorbitant and I never knew this debt existed and I am still doubting its validity. Okay, I will hold my breathe until the SOL. Thank you again.