February 28, 2024

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Michigan Statute of Limitations on Debt: Know Your Rights

Are you dealing with debt in Michigan? If so, you need to know about the state’s statute of limitations on debt. This set of laws defines how long a creditor or debt collector has to take legal action against you for an unpaid debt. Once the statute of limitations has expired, you have certain legal protections that could help you get rid of the debt altogether. Read on to learn more about Michigan’s statute of limitations on debt, how it works, and what your rights are.

What is the Statute of Limitations on Debt in Michigan?

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The statute of limitations on debt in Michigan varies depending on the type of debt you have. Generally, the statute of limitations begins running from the date of your last payment on the debt or from the date on which the debt became delinquent, whichever is later. Here are some of the most common types of debt in Michigan and their corresponding statutes of limitations:

Credit Card Debt – Six Years
Medical Debt – Four Years
Personal Loans – Six Years
Auto Loans – Six Years
Mortgage Loans – Fifteen Years

It’s important to note that the statute of limitations does not necessarily apply to all aspects of a debt. For example, a debt collector may still try to collect the debt from you even if the statute of limitations has expired. However, they cannot take legal action against you if the statute of limitations has run out.

What Does it Mean When the Statute of Limitations Has Expired?

When the statute of limitations on a debt has expired, you have a legal defense against the debt. This means that if a creditor or debt collector tries to take legal action against you, you can argue that they are no longer able to do so because the statute of limitations has expired. However, it’s important to note that the statute of limitations does not relieve you of your obligation to pay the debt altogether. It only limits the creditor’s ability to take legal action against you.

What Happens If I Make a Payment on an Expired Debt?

If you make a payment on a debt that has already expired, you could reset the statute of limitations. This means that the clock starts ticking all over again, and the creditor or debt collector has the full amount of time allowed by law to take legal action against you.

Can a Debt Collector Continue to Contact Me about an Expired Debt?

Debt collectors may continue to try to collect an expired debt from you, but they cannot take legal action against you. However, they must follow certain rules when doing so. For example, they cannot harass or threaten you, and they cannot misrepresent the amount you owe. If you feel that a debt collector is violating your rights, you should contact a consumer protection attorney or file a complaint with the Michigan Attorney General’s Office.

Can I Get the Debt Removed from My Credit Report After the Statute of Limitations Expires?

Even if the statute of limitations on a debt has expired, the debt may still appear on your credit report. However, you may be able to get it removed if you can prove that the debt is invalid or if the creditor or debt collector is violating your rights. Consult with a consumer protection attorney or a credit repair specialist for more information.

What Should I Do If a Creditor or Debt Collector Takes Legal Action Against Me?

If you receive a summons or other legal notice related to a debt, you should consult with an attorney immediately. Even if the statute of limitations has expired, you may still need to respond to the notice to protect your rights. An experienced consumer protection attorney can help you understand your options and the best course of action.

Conclusion

Michigan’s statute of limitations on debt is an important part of consumer protection law in the state. It provides legal protections to debtors and limits the ability of creditors and debt collectors to take legal action. If you are facing debt in Michigan, it’s important to know your rights and to consult with an experienced consumer protection attorney if you have any questions about the statute of limitations or debt collection practices.

FAQs

Q: What is the statute of limitations on credit card debt in Michigan?

A: The statute of limitations on credit card debt in Michigan is six years.

Q: Can a debt collector continue to contact me about an expired debt?

A: Yes, a debt collector may continue to try to collect an expired debt from you, but they cannot take legal action against you.

Q: Can I get an expired debt removed from my credit report?

A: Maybe. Consult with a credit repair specialist or a consumer protection attorney for more information.

Q: What should I do if I receive a summons related to a debt?

A: Consult with an attorney immediately to protect your rights.

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Article Summary:

The state of Michigan’s Statute of Limitations on debt sets out how long a creditor or debt collector has to take legal action against an individual with regards to unpaid debt. The duration of the statute of limitations depends on the type of debt, such as four years for medical debt, six years for credit card debt and auto loans, and fifteen years for mortgage loans. Once the statute of limitations has passed, legal action cannot be taken against an individual, although the debt may still appear on their credit report. However, making a payment on an expired debt resets the statute of limitations.

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