Public Financial Knowledge Infrastructure: What is an SoL?

    Since no one seems to be jumping up and down to get this part of the Project started, I am beginning with a very basic post, meant to be useful for anyone wishing to give a 5-minute seminar at the Metro/Trolley/Bus stop.

   SoL  ==  Statute of Limitations

   Statutes of Limitations are time limits on the enforcement of laws, basically.  The kinds of SoLs that Project Do Better focuses on, in Phase I, are those related to debt.  Every state has a different set of SoLs for each of the 4 kinds of debts:

1.   revolving  or open, is credit card;
2.   written contract;
3.   verbal contract;
4.   promissory notes

        Many web sites list the various SoLs by state, but be sure to compare the SoL in your state with the online legal code of your state.

 

    Another crucial point to remember is that in most states, the clock can restart on an old debt if you promise to pay, or make even a token payment on an old or expired debt.  That is why it is very important to be careful in dealing with debt collectors of any type, even if the debt has  been validated.

 

      More on Validating a Debt in a couple of weeks.

 And

a week or so after that…

 

  And then, you can determine whether that debt, if valid, is time-barred.

Shira

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