Idaho Debt Relief
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Idaho Debt Relief

Idaho Credit Card Debt law allows creditors four years to file a lawsuit over unpaid open-ended debt like credit card accounts. This Statute of Limitations (SOL) begins on the day of the debtors initial missed payment. If the debtor makes subsequent partial payments, the SOL resets to the date of that partial payment. Idaho state law provides the debtor with 20 days to respond with an answer. Such documents are best sent via certified mail.

Judgment Enforcement

Judgments carry a five-year SOL, which can be renewed by court order. A copy of the judgment can be filed with the office of recorder as a lien against non-exempt debtor’s property. Liens are in effect five years and may be renewed by re-filing. The interest rate on judgments is 9 percent per year, but can change from year to year.

In general, any property that serves as legal residence for the debtor cannot be seized. Homestead exemptions are allowed up to the value of homesteaded land or property or $50,000, whichever is less. The debtor must declare the homestead in the local office of the recorder. Some types of personal property may be exempt without limitation, especially those necessary to the health of the debtor. Other types may be exempt with limitation. Retirement funds and many types of disability benefits are exempt from garnishment.

Debt Settlement

One way for debtors to avoid property liens and wage garnishments that may be ordered by a court judgment is Debt Settlement. These agreements let debtors work out an agreement with the creditor that is likely to be much more flexible than a court order. Debt Settlement can also help consumers avoid bankruptcy.

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