O.C.G.A. §§ 9-3-24 and 9-3-25 govern the statute of limitations of Georgia contracts. This can be confusing, so top Atlanta bankruptcy lawyers are here to go into detail regarding this part of filing for bankruptcy.
Time Limits on Contracts for Bankruptcy
The statute of limitation on written contracts is 6 years from when it becomes due and payable. Plus, the six-year period runs from the date of the last payment. O.C.G.A. § 9-3-25. Contracts for credit cards are considered written contracts in Georgia. See Hill v. Am. Express, 289 Ga. App. 576 (2008).
The statute of limitations on open accounts (implied promises or undertakings) is 4 years. O.C.G.A. § 9-3-25.
The statute of limitations for auto contracts 4 is years because they fall under the Georgia UCC.
In summary:
| Contract Type | Tolling Period |
|---|---|
| Written Contract | 6 years from when it becomes due and payable and the six (6) year period runs from the date of last payment. |
| Open Account | 4 years. Tolling is revived by payment along with acknowledgment of debt. NOTE: Payment, unaccompanied by a writing acknowledging the debt, does not affect tolling the statute. Therefore, on open accounts, the statutory period runs from the date of default, not the date of last payment, unless the Debtor includes a letter with the last payment acknowledging they want to pay the debt. |
| Auto Contracts | 4 years. Tolling is revived by payment. |
| UCC Contracts | 4 years. Tolling is revived by payment. |
Atlanta Bankruptcy Lawyers Can Help You
If you have questions related to the statute of limitations for suits on Georgia contracts, contracts in relation to bankruptcy, or if a creditor is threatening or has filed a lawsuit against you, give us a call at 404.585.0040. You can also find us on Google+. We are Atlanta bankruptcy lawyers with expertise in fighting against creditors who are trying to collect money from you.