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Statute of limitations that applies to debt

I hear that there is a statute of limitations that applies to debt after seven years. I defaulted on bankruptcy, failing to pay after the initial payment five years ago. If I hadn’t started the bankruptcy process, the statute of limitations would apply to my debt already but am I correct in assuming the bankruptcy will remain open forever?

One Response to “Statute of limitations that applies to debt”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

Until you decide to deal with your bankruptcy you will remain an undischarged bankrupt. In the meantime the trustee will likely be discharged at which point the unsecured creditors will be free to pursue you for the debts that you went bankrupt on. You would be best advised to deal with your responsibilities and contact your trustee about obtaining a discharge.