Seven All

Is awarded the 7-year law apply to all debt?

I was told it is a law that forgives past seven years, the rest pays off. If the true and if so, does it apply to all debts, including the IRS? Pardon my use of words, but tried to be as clear as possible.

You were told wrong. The 7 years you think about it, is the general rule for the credit report where only negative information for 7 years. A company is usually "charge-off" a debt is not more than 6 months after the default. A Charge-Off is in your report seven years from the date of the depreciation, which turns out to be about 7.5 years from the date of first delinquency remain. There are certain types of records such as bankruptcies, liens or judgments which may remain longer. It is another factor known as the Statute of Limitations. This is the time a creditor can successfully file suit against you. Depending on the type of debt and your state this year 15 can be anywhere between 2 and. Especially for the IRS, there is a period of 3 years, where they can run a test, and they have 10 years try to collect back taxes. Once you have a Tax Lien is enforceable then the rating for 10 years from the date, but it can be extended. Unlike other Types of debt to a tax lien, they can actually take any property you own.

Eureka Seven All Openings (Click on High Quality xP)