The Statute of Limitations (SOL) is ultimately one of the most powerful laws that back debtors from possibly being abused by lenders. It is known in the civil law system as a prescriptive period that sets the maximum time after an event within which legal actions may be initiated. An article released by a prominent private lender recently generated quite the buzz in the financial, legal industry as it asked in the title, “Is There a Statute of Limitations on Debt?” While there was some truth to the article, Gregory Fitzgerald, founding partner of Fitzgerald & Campbell, APLC, quickly realized that the article contained false information that could hinder readers from completely understanding their rights. Hence, he bravely countered the statement with the truth.
Fitzgerald & Campbell, APLC is known in the legal services industry as a powerhouse that protects people from debt. Home to some of the most seasoned legal professionals in the space, the firm has helped thousands deal with debt in the most legally efficient way possible. With their dedication to excellence, Fitzgerald knew that he had to set the record straight when a private lender said that “some debts, like student loans, are not subject to statutes of limitations.”
Fitzgerald explained that the article was right when it pointed out that SOLs do not cancel the debt itself, but it was wrong when it stated there is no SOL for student loans. A consumer can win a lawsuit against a private student loan lender if the suit is filed after the applicable period of the SOL. Therefore, SoFi was pushing a misinformative, if not deceiving message: “Student loan debt does not have a statute of limitations.”
“Do not be deceived by a lender who makes huge profits and puts their name on multi-million dollar stadiums by refinancing your student loans and then asks you to believe you do not have one of the most fundamental, long-standing, and indisputable legal rights available to debtors,” Fitzgerald went on to explain. “Debtors, who are being crushed by overwhelming student loan debts, that, thanks to financial industry legislative power, can no longer be discharged in bankruptcy as a matter of right. Debtors who have little to no access to competent and affordable legal counsel. Debtors who have precious too few rights as it is.
Besides the SOLs on student loan debt, Fitzgerald also aims to educate people on the ability to discharge refinanced student loans in bankruptcy. The seasoned debt expert aims to empower as many audiences as possible, be it through Fitzgerald & Campbell, APLC’s website, blog, or newsletter.
Learn more about Fitzgerald & Campbell, APLC and stay updated with their meaningful conversations on debt on their website.