Well, I am O6 and I am confused ... because statutes of limitations are confusing. 
First, the SOL depends, most of the time, on where you are being sued. So, if you incurred the debt in, say, Virginia and now live in California, nine times out of ten they need to sue you in California and then a further nine times out of ten the California SOL applies. There are exceptions, but for your average run-of-the-mill consumer debt you are safe in assuming that they have to sue you where you live and the SOL in the state where you live applies.
The SOL virtually always starts ticking when the plaintiff first had a cause of action. The problem is when did the cause of action arise? Generally speaking, the cause of action arises when your account first goes delinquent and subsequently never recovers. There are, however, important exceptions when dealing with consumer debt that involves acceleration clauses -- commonly found in mortgages and car notes. Under many contracts with acceleration clauses, you are not delinquent until the creditor decides you are delinquent and the SOL begins to run accordingly. You may even be found delinquent even though you have never missed a payment.
If you have more specifics, we can probably narrow this down a bit for you.
@Anonymous wrote:Well, I am O6 and I am confused ... because statutes of limitations are confusing.
First, the SOL depends, most of the time, on where you are being sued. So, if you incurred the debt in, say, Virginia and now live in California, nine times out of ten they need to sue you in California and then a further nine times out of ten the California SOL applies. There are exceptions, but for your average run-of-the-mill consumer debt you are safe in assuming that they have to sue you where you live and the SOL in the state where you live applies.
The SOL virtually always starts ticking when the plaintiff first had a cause of action. The problem is when did the cause of action arise? Generally speaking, the cause of action arises when your account first goes delinquent and subsequently never recovers. There are, however, important exceptions when dealing with consumer debt that involves acceleration clauses -- commonly found in mortgages and car notes. Under many contracts with acceleration clauses, you are not delinquent until the creditor decides you are delinquent and the SOL begins to run accordingly. You may even be found delinquent even though you have never missed a payment.
If you have more specifics, we can probably narrow this down a bit for you.
This is very interesting