There are a variety of factors to consider when it comes to collecting credit card debt. One important factor is the applicable statute of limitations. The attorneys at Windtberg & Zdancewicz, PLC, are experienced and knowledgeable in assisting creditors with their credit card debt.
The statute of limitations that applies depends upon what type of account the card holder has with the creditor that issued the credit. An open account means there is an expectation of ongoing transactions. If the account is an open account or if there was no written contract with the card issuer, the statute of limitations may be 3 years from the date of the last transaction with the issuer of the card (A.R.S. § 12-543). If there was a written contract between the borrower and the credit card issuer, the statute of limitations may be 6 years from the last transaction (A.R.S. § 12-548).
When an individual executes a written contract for the use of their credit card, he/she agrees to all the terms therein, including payment of the debt. When the person fails to pay their debt, they have breached the contract and the creditor has the right to file a lawsuit against the borrower. Once the credit card issuer is granted a money judgment for the unpaid balance on the credit card, the creditor can proceed with a garnishment to collect the amount due. The two types of garnishment are wage garnishments and account garnishments.
If you need assistance with collecting credit card debt, the attorneys at Windtberg & Zdancewicz are ready to help.
The attorneys at Windtberg & Zdancewicz, PLC, provide clients with experienced legal representation. We are experienced in creditor’s rights including garnishments, charging orders, attachment, property execution, trustee’s sales, foreclosures, judgments, judgment collection, domestication of foreign judgments, and creditor’s issues in bankruptcy cases. If you need assistance, or are interested in learning more, please contact us at (480) 584-5660.