Lawson at Law, PLLC

08/24/2017

Late payments on a credit report are NOT the same a late payment to your creditor. Only late payments of 30 days or more should be on your credit report.

08/24/2017

The magnitude of the negative effect of late payments on your credit score depends on three different factors: recency, frequency, and severity.

02/11/2017

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For a bankruptcy attorney in Louisville, KY call BBB Accredited Lawson at Law

07/28/2016

Can a co-signed account impact your score differently than one you've secured all on your own? 

07/28/2016

Credit & identity tips 💸
🏦 Experian is a Program Manager, not a bank.

07/07/2016

Consumerist® is an independent source of consumer news and information published by Consumer Media LLC, a not-for-profit subsidiary of Consumer Reports.

07/07/2016

Affordable Bankruptcy Relief.
Chapter 7 Bankruptcies from $600.00
http://www.kyconsumerlaw.com/low-cost-bankruptcy
• Stop garnishments.
• Stop the Calls.
• Stop the Harassment.
• Stop Foreclosure.
• Start your Fresh Financial Start Today.
Call or email us today for a free consultation.
(502) 473-6525
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Lawson at Law, PLLC offers low cost bankruptcy solutions coupled with exceptional personal and professional service

07/02/2016

Your go-to source for real estate news, housing insights, celebrity real estate, and more from realtor.com.

07/02/2016

If you’re lucky enough to have health insurance and a perfect credit score, then you may not be worried about medical bills. But a single unpaid medical bill can slash your free credit score by 100 points, potentially costing thousands of dollars in higher interest rates. Mark Rukavina, principal at...

07/02/2016

If you have a problem on your credit report, how hard is it to get corrected? Just follow Clark's guidance!

07/02/2016

We champion financial progress for our 130+ million members. NMLS 1588622
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06/26/2016

What is the statute of limitations for Credit Card Debt in Kentucky?

The statute of limitations for credit card debt is an open question in Kentucky. This is because there is no statute squarely on point and no Kentucky appellate court has yet addressed or decided the issue. Creditors generally take the position that the statute of limitations is five years under KRS 413.120 or fifteen years under KRS 413.090.

A federal district strongly indicated that credit card debt is subject to a five-year statute of limitations under Kentucky law. Conway v. Portfolio Recovery Associates, LLC, 13 F.Supp.3d 711, 715 (E.D. Ky. 2014). See also Fulk v. LVNV Funding LLC, No. CIV.A. 5:14-125-DCR, 55 F.Supp.3d 967, 972 (E.D. Ky. 2014) (same). This is based on the argument that credit card agreements are not sufficiently definite in terms and conditions to be subject to the fifteen-year statute of limitations for contracts in writing. But Conway ultimately determined that the credit card at issue in the case was subject to Virginia’s statute of limitations under a straight forward application of Kentucky’s borrowing statute. KRS 413.320.

The key to triggering to Kentucky’s borrowing statute is accrual of a cause of action in a in another jurisdiction. When an “injury is purely economic,” which is the case with a defaulted credit card account, “the place of injury, and therefore the place of accrual of the action, may be where the economic impact of the defendant's conduct is felt, which is usually the plaintiff's place of residence.” 51 Am. Jur. 2d Limitation of Actions § 91 (Updated Aug. 2014). This is the general rule, which the Kentucky Supreme Court recently adopted in Abel v. Austin, 411 S.W.3d 728 (Ky. 2013).

This means that when the statute of limitations of the state where a bank is headquartered is less than five years for an action to collect a credit card debt, under the borrowing statute, the statute of limitations of that state applies to an action on a credit card account issued by that bank. This has particular relevance for banks headquartered in Delaware, North Carolina, and Virginia all of which have three-year statute of limitations. This includes a great many banks including Chase Bank USA, N.A., Discover Bank, and FIA Card Services, N.A., which are all headquartered in Delaware; Bank of America, N.A., which is headquartered in North Carolina; and Capital One Bank (USA), N.A.

Two party store charge cards that can only be used at one particular store are subject to a four-year statute of limitations under KRS 355.2-725.

If a debt collector has tried to collect a debt from you that is barred by the statute of limitations, threatened to sue, or has sued you to collect a time-barred debt,this is illegal and can be stopped. PLEASE call or email at your earliest convenience. I may be able to help you at no cost to you.

(502) 473-6525
[email protected]