lots of questions

[adevine]

judgements, SOL, losing house

What is the name of your state? IN
We have lost so many jobs and had several major medical expenses that to avoid bankruptcy, in 1998, we sold the house and everything we owned to pay off most charge cards that we used to survive. We had already cashed in most of the IRA. Some cards went into default. I have read the IN statutes and can't find anything on "open ended accounts" or for medical services either. I have come across some sites that say 5 years. How can I find out for sure?
We were renting and the owner died. My brother bought the condo so we would have a place. He put it in our name until we can get a mortgage on it. So, we basically still rent. Now a CA has written on his latest letter "we think you are homeowners." Is this a big red flag? Our finances have not gotten any better. Used to have the best of credit ratings until all of the companys that sold out from under us. Thanks

 

[Ladynred]

The CA's statement is bullcrap, nothing more. It would be easy enough for them to find the evidence of actual home-ownership. Its a tactic to scare you, period.

SOL on open-ended accounts in IN is 6 years. In the IN statutes, they are referred to as 'contracts not in writing':

"STATUTE OF LIMITATIONS

Open Acct.: 6

Written Contract for payment of money : 6

Written Contract (other than payment of money): 10

Written Contract for sale of goods: 4

6 Years Contracts Not in Writing;

§34-11-2-7
IC 34-11-2-7"

Six year limitation

Sec. 7. The following actions must be commenced within six years after the cause of action accrues:

(1) Actions on accounts and contracts not in writing.

(2) Actions for use, rents, and profits of real property.

(3) Actions for injuries to property other than personal property, damages for detention of personal property and for recovering possession of personal property. "

Medical services come under the UCC SOL of 4 years for goods and services.

 

[adevine]

judgements, SOL, losing house

Thanks Ladynred. I have read many of your posts and have learned a lot. I hope you keep reading and helping.
I have also studied the UCC and thought it only pertained to goods. I didn't realize it governed medical services.
Since we do have title to this condo, is that a detriment to us? Will these cc companies and CA come after us stronger thinking we had or have the money to buy property? Maybe I should transfer the title back to my brother as we still can't afford a mortgage.

 

[Ladynred]

If your names are on the title/deed for the condo, a creditor could very well place a lien on the property if you were sued and they won a judgment.

Creditors may push harder if they find you own property, they add the pressure of possible liens on property. However, unless they start digging into county records, there's no way they can know for certain that you DO have title to the condo.

Yes, UCC does apply to services, such as medical, phones, and even utilities.

 

[adevine]

Thanks again. I'm reading these posts in here and it looks like a creditor or CA can just put a judgement on you without any notice. Is that correct? I keep reading and reading the IN code. It seems really hard to me to get direct answers from it.
I'm trying to find out if our IRA can be taken. It is not an employee one.

 

[Ladynred]

No, they can NOT just 'get a judment' without notice. They have to go thru the legal process of a lawsuit and that means you must be served notice of the suit and given the chance to defend yourself in court. There are a few nasty, lowlife collection agencies who make a criminal habit of serving people summonses at ancient addresses (even when they clearly have a valid current address) or using bogus addresses just so they can get a default judgment.

Your IRA, if it is part of an ERISA-qualified plan, is exempt from seizure.

Interpreting statutes isn't easy, sometimes you have to cross-reference more than one section to get your answer.