When Does a Debt Expire in Chile?

Is your debt expired?

Prescription is a legal concept that can free you from your debts. If a debt prescribes, you no longer have to pay it.

 

 

How does it work? 🧐

In Chile, debts prescribe after 5 years, counted from the date the debt becomes due. The debt is considered due when the creditor can demand its fulfillment, for example, when a deadline for payment expires.

There are some exceptions to the general 5-year period. For instance, debts for basic services prescribe in 2 years, and debts from executive titles prescribe in 3 years.

How to know if your debt has expired? 📑

To determine if your debt has expired, you can calculate the prescription period, considering the date the debt became due.

You can also obtain your Commercial Report and check your credit score, which includes information about your debts, arrears, labor infractions, protests, liens, among other relevant data.

What to do if your debt has expired? 🤔

If your debt has expired, you are not obligated to pay it. If the creditor tries to collect, you can refuse to pay and request the court to declare the prescription of the debt.

 

 

What if your debt has not expired?

If your debt has not expired, the creditor can demand its fulfillment and may initiate legal actions to enforce payment, such as an executive lawsuit.

PREMIUM

REPORT

Personal Information Summary

Risk Indicator Score

Total Defaults

Adress Directory

Social Security Penalties

Labor Penalties

Detail of Contributions Not Paid by Employers

Protest

Curent Defaults

Bulletin Arrears

Maat Bulletin

Real Estate Broker Notes

Business Summary

Bankruptcy

Stop Payment Request

Vehicles

Real Estate

Exports

Imports

Pledges

Partnership and Partners

Extract

Information Requested From

List of Affected Workers