five years
Statute of Limitations Medical debt – five years. Credit card debt – five years. Auto loan debt – four years. State tax debt – seven years.

What does it mean when a credit card company discharge your debt?

Credit card debt may be discharged whenever you file for Chapter 7 or 13 bankruptcy. When debt is discharged, your creditors are prohibited from attempting to collect unpaid credit card debt and other debts listed in your bankruptcy; this includes contacting you by phone or by mail.

Is there Statute of limitations on credit card debt in Virginia?

Virginia Statute of Limitations for Credit Card Debt. Some people, whose credit is really, really bad, don’t need to file bankruptcy, because their debts are barred by the Virginia statute of limitations. If you can run from your debts long enough–and they never “serve” you with court papers–then they are SOL.

What does Sol stand for on a credit card?

SOL stands for Statute of Limitations. This statute helps people whose credit report is really, really bad. Bad enough that debt collectors look at it and say, there’s no point in bothering to chase this guy. Then, at some point, if they change their minds and try to sue you, they are too late.

What does Sol stand for in bankruptcy law?

SOL stands for Statute of Limitations. Some people whose credit is bad enough don’t need to file bankruptcy, because their debts are barred by the statute of limitations. This statute helps people whose credit report is really, really bad. Bad enough that debt collectors look at it and say, there’s no point in bothering to chase this guy.

What to do about debt collection in Virginia?

If you believe a creditor has violated the FDCPA in regards to debt collection, you can file a complaint through the Federal Trade Commission and the Consumer Financial Protection Bureau. The Virginia Consumer Protection Act states that sellers cannot lie or take part in misleading practices.