First of all, you shouldn’t let bad debt linger, and seven years is way too long! Clients give me this line all the time. I think they really hope that it’s true, and it sounds somewhat logical, but, no. It doesn’t work that way.
Generally speaking, there is a FOUR year statute of limitations for “bad debt” (whatever that means) to wind up in a lawsuit. However, most people don’t know the scary truth. Debts can actually come back from the DEAD! Additionally, if a debt is reduced to a judgment, it just tacked on at least TEN additional interest-bearing years! It’s common to have debts last 10, 15, 20 years or more based on how the debts were structured, how they have been used, and whether or not the debts were ever part of a lawsuit.
Not sure if your debt has risen from the dead? Maybe your debt’s alive and well, just around the corner, and gearing up to yell, “Boo!” Do something about it. Call an experienced professional. We’d love to answer your debt related questions and talk to you about cost effective solutions which protect your credit, your property, and your bank accounts from attacks you might never see coming.