Mexico.- It will never be a good option not to pay your debts, however, different circumstances can make the years go by and you cannot pay them off. If this is the case, in this note we will tell you How much time must pass in Mexico for your negative balances to prescribe.
Although many ignore it, liabilities in the Mexican Republic do have an expiration date, although it will depend on the nature of the debt the time it will take for it to prescribe.
As mentioned before, anyone who is asked if they would like carry debts for months and yearsvery surely your answer will be negative, but that does not mean that, for different reasons, negative balances accumulate for months and years.
Fortunately, for people who are in such a financially complicated situation, in Mexico debts with financial institutions do expire, that is, they do prescribe upon reaching a certain time.
However, it must be taken into account that for a debt to prescribe, the institution to which it is owed should not have filed a lawsuit against the debtor before the Power of attorneysince if this is the case, the liability may never be completely extinguished.
Now, once what has been said in the previous paragraph is taken into account, in Mexico the maturity periods of the debt, from the highest to the lowest, are the following:
- In the case of mortgage debt, 20 years must pass for the liability to expire.
- Meanwhile, with particular regard to debts contracted through credit cards, these can take up to 15 years to prescribe in commercial operations with suppliers.
- Specifically, after 5 years, the alimony or rent debtor may be free to pay said amounts.
- In addition to this, they will only have 4 years to claim the payment of tax and Social Security debts.
- For their part, lawyers, experts, notaries, teachers and a list of professions, can only claim, if someone owes them, within a period not exceeding 3 years.
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Lastly, it must also be taken into account that the fact that a debt has prescribed does not mean that the affected person or institution does not have the right to claim the amount, because if it claims that it has not expired, the collection process will continue with the necessary actions.
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