Promises Barred from Collection by Statute Statute of Limitations - states a time limit for bringing a lawsuit (for breach of contract - three years) Debts Discharged in Bankruptcy –Obligation may be reaffirmed by a promise of the debtor –Usually when debtor has a co-signer or guaranteed payment on the debt –Debts to be reaffirmed have to be listed with the bankruptcy court during the proceeding 5 Copyright © Texas Education Agency, 2013.
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