There is so much I could say about this article, and so much I want to say, but I’ll sum it up by limiting my comments to stress the importance of these two things:
- With a handful of exceptions, there can always be an attempt to collect a legitimate outstanding debt, for as long as a debt is owed, no matter the age of the debt. What about the Statute of Limitations? This limitation refers to the length of time you have to file suit (or threaten to file suit) against someone for collection of a debt. It does not absolve a debt.
- Keep good personal records, especially when it comes to important documents! This article is a prime example of an instance where you might need to refer back to these documents (such as a Bill of Sale) to save yourself time, money, and hassle. It’s rarely, if ever, a good idea to depend on someone else to keep records for you.