I would like to know when I would be off the hook for credit card debt in ILLINOIS
Generally five years, measured from later of default or last payment.
Might be four if credit card could only be used at a merchant for purchase of goods.
Just to emphasize this point: IF YOU PAY ANY PART OF THE BALANCE THE CLOCK RESTARTS
Statute of limitation issues need to be approached carefully. There are a number of reasons that complicate the calculations. I suggest that you sit down with an AVVO attorney that practices in Elgin.
The answer is, it's complicated. Even though there is a statute of limitations of 5 years for contracts, if the company sues you and gets a judgment, they can keep renewing the judgment, and if they do, you can be sued for 20 years. Don't count on being "off the hook". Call an attorney to review your situation and discuss possible bankruptcy.
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