I would like to know if writing a bad check has a statute of limitations. If yes, is it similar to SOL unsecure debts or does it expire with time. If not what are the consequences and what are the ways to go free if can't afford to pay it back. Thanks
Where would you like to start? I'm sure there are SOL in your state but I am also sure your state has laws regarding bad checks. I.E. JAIL so I wouldn't even think about it unless there is someone that could post bail for you. Not even going to throw in attorneys fees to get you out of it.
Depending on the amount it could be a felony, some states have no SOL on bad checks. Also if you get stopped by the police for a traffic violation and they check, it will probably pop-up that a warrant has been issued for your arrest. Most states have so many bad check that they can't afford to go after each individual so they wait for the crooks to make a mistake then they get them. And I here some states are puttin bad check writers in their central computer so when the person goes to renew their Drivers Lincense it will pop up and the license renewal will be rejected and the proper authorities called. So if I was you I'd find away to pay it ASAP. If you pay it before they get you the charges will drop in most areas.
You can get away with one check, maybe up to 5 or $10,000, but I would not try repeating this! One check could have been a clerical error on your part, but several large checks would point to "intent to defraud". Then they could come looking for you. In any case you would show up in Chexsytems for sure. $CM$
ChexSystems keeps listings of consumers who have had bank accounts closed due to excessive non-sufficient-funds activity, including bad checks (even for very small amounts, e.g. anything over $25) for five years. Forget about getting a checking (or even savings) account at most banks while you are on ChexSystems. And even the banks that might be somewhat "forgiving" are *not* feel that way if they see signs of fraud. The only way that writing bad checks could be somehow considered worth the aggravation would be if you if you made a large amount of money by doing so. But large amounts will get attention, and will be considered deliberate fraud. You could end up with lawsuits against you, which would severely damage your credit reports. And this is *not* just a civil matter, either. For multple checks, and/or a large amount, it can easily become a *criminal* issue. Typically, each state will have a relatively low dollar-value (e.g., over $500) where petty theft turns into a felony. In which case, the debt *is* secured, in a way. As in, "secured" by your physical body, which can be "repossessed" all the way to *jail*. Forget this idea. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/ Everything You Need To Know About Credit And Debt --
Five years and they WILL NOT remove you unless asked to do so by law or if YOU disprove the claim. I don't understand why banks use this to deny checking accounts based on frequent NSF activity where there are no oustanding debts? The banks actually make money on those instances... All it does is hurt the person with limited income.
I'd pay it quickly. Besides being illegal, bouncing checks can land you in Chexsystem's database for 5 years, and you can forget about getting any kind of an account anywhere. Chances are if you have multiple bounced checks, or your account is in the negative for an extended period of time, your bank will close your account and your future banking options will be severely limited. Although this has never happened to me, it happened to a friend of mine. To open a checking account, at least in Washington DC where I am, you must have good credit and not be in a database like Chexsystem's. I was shocked my bank checked me credit when I opened a checking account, but they did.
ChexSystems claims to have over 80% of the market. Their main competition is TeleCheck. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/ Everything You Need To Know About Credit And Debt --
