Old Debt

by Bob
(Murray, Kentucky, USA)

My Grand mother borrowed 10,600 and 14,850 dollars from my uncle in 1985 and has never paid back the money. Se died in August 2012 and my uncle is requesting the money from her Estate. Is the Estate responsible for a 27 year old debt since the Statue of limitations was up?

Comments for Old Debt

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Nov 07, 2012
 Old Debt
by: Debtcollectionanswers.com

When the statute of limitations on a debt runs out, it does not cancel the debt; it prevents the creditor (your uncle in this case) from suing for the money it is owed. So, your Uncle does in fact have a right to file a claim with the court where your grandmother's estate is being probated so he can get repaid. Furthermore, it would seem only fair and ethical if there are sufficient assets in her estate for that to happen. If you were in your Uncle's situation, would you not want to be paid back, especially given that the amount of the loans are substantial?

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