New York Statute of Limitations

Under N.Y. Civ. Prac. Laws & Rules § 201 et. seq. the statute of limitations on credit card debt is 6 years. If there has been no active activity on this account since 2017, then New York people can claim that this debt falls outside the statutory limitation and it will be a very valid defense.

New York Key Credit card Statistics

Average debt in New York$11,791
Average number of late payments in New York4.07%
Bankruptcy rate per 1000 in New York2.4

Fair Debt Collection Practices Act

FDCPA Applies to Original CreditorsYes
Vehicle Exemption$4,000
Bank Account Exemption Amount$2,5008
Wages Exemption90%

New York Gift cards and Gift certificate Statutes

Definition of Gift Card/Gift Certificate :
N.Y. Abandoned Property Law §103
"Gift certificate" shall mean a written promise or electronic payment device that: (i) is usable at a single merchant or an affiliated group of merchants that share the same name, mark, or logo, or is usable at multiple, unaffiliated merchants or service providers; and (ii) is issued in a specified amount; and (iii) may or may not be increased in value or reloaded; and (iv) is purchased and/or loaded on a prepaid basis for the future purchase or delivery of any goods or services; and (v) is honored upon presentation.
Expiration Date Provision :
N.Y. General Business Law §396-i
Expiration date must be conspicuously disclosed to purchaser as specified.
Fee Provision :
N.Y. General Business Law §396-i
Any service fees must be conspicuously disclosed to purchaser; no service fee may be assessed before the 13th month after issuance.
Escheat Provsion :
N.Y. Abandoned Property Law §1315
Any unclaimed amount representing unredeemed gift certificates sold after Dec. 31, 1983, including gift certificates for merchandise only in which case the face value of such certificate shall be deemed the amount deemed abandoned, and owing in this state after five years.