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Statute of
Limitations |
| Statute of Limitations |
|
The statute of limitations are laws that regulate the period of
time, from the date of the last payment or action on a contract
or debt, that a creditor may initiate lawsuits and collection
actions. After that period of time runs-out, a creditor looses
the right to initiate a law suit. Check your locality and the
state where you acquired the debt for the actual terms of the
statute. |
If you pay anything toward the debt
after the statute of limitations expires, the clock starts
running again! If you settle a debt with a collection agency,
make sure to get whatever the agreement is in writing! If
not, you may be subject to law suit for the full amount. See
Zombie Debt
If you have a large amount of old debt You
can create a true win-win situation by settling the debt with
the creditor. The older the debt the more motivated the creditor
may be to settle any amount of money. You may try to negotiate
yourself with the creditor...Credit
Help |
Credit cards may be considered open accounts. Auto loans other
installment agreements are written contracts. |
| |
|
State
|
Oral
Agreements
|
Written
Contracts
|
Promissory
Notes
|
Open
Accounts
|
| |
Number of
years, by state, of Statute Of
Limitations |
|
Alabama
|
6
|
6
|
6
|
3
|
|
Alaska
|
6
|
6
|
6
|
6
|
|
Arizona
|
3
|
6
|
5
|
3
|
|
Arkansas |
3
|
5
|
6
|
3
|
|
California |
2
|
4
|
4
|
4
|
|
Colorado |
6
|
6
|
6
|
6
|
|
Connecticut |
3
|
6
|
6
|
6
|
|
Delaware |
3
|
3
|
6
|
3
|
|
Wash D.C.
|
3
|
3
|
3
|
3
|
|
Florida
|
4
|
5
|
5
|
4
|
|
Georgia
|
4
|
6
|
6
|
4
|
|
Hawaii
|
6
|
6
|
6
|
6
|
|
Idaho
|
4
|
5
|
10
|
4
|
|
Illinois
|
5
|
10
|
6
|
5
|
|
Indiana
|
6
|
10
|
10
|
6
|
|
Iowa
|
5
|
10
|
5
|
5
|
|
Kansas
|
3
|
5
|
5
|
3
|
|
Kentucky
|
5
|
15
|
15
|
5
|
|
Louisiana
|
10
|
10
|
10
|
3
|
|
Maine
|
6
|
6
|
6
|
6
|
|
Maryland
|
3
|
3
|
6
|
3
|
|
Massachusetts
|
6
|
6
|
6
|
6
|
|
Michigan
|
6
|
6
|
6
|
6
|
|
Minnesota
|
6
|
6
|
6
|
6
|
|
Mississippi
|
3
|
3
|
3
|
3
|
|
Missouri
|
5
|
10
|
10
|
5
|
|
Montana
|
5
|
8
|
8
|
5
|
|
Nebraska
|
4
|
5
|
6
|
4
|
|
Nevada
|
4
|
6
|
3
|
4
|
|
New Hampshire
|
3
|
3
|
6
|
3
|
|
New Jersey
|
6
|
6
|
6
|
6
|
|
New Mexico
|
4
|
6
|
6
|
4
|
|
New York
|
6
|
6
|
6
|
6
|
|
N. Carolina
|
3
|
3
|
5
|
3
|
|
North Dakota
|
6
|
6
|
6
|
6
|
|
Ohio
|
6
|
15
|
15
|
-
|
|
Oklahoma
|
3
|
5
|
5
|
3
|
|
Oregon
|
6
|
6
|
6
|
6
|
|
Pennsylvania
|
4
|
6
|
4
|
6
|
|
Rhode Island
|
15
|
15
|
10
|
10
|
|
S. Carolina
|
10
|
10
|
3
|
3
|
|
South Dakota
|
6
|
6
|
6
|
6
|
|
Tennessee
|
6
|
6
|
6
|
6
|
|
Texas
|
4
|
4
|
4
|
4
|
|
Utah
|
4
|
6
|
6
|
4
|
|
Vermont
|
6
|
6
|
5
|
6
|
|
Virginia
|
3
|
5
|
6
|
3
|
|
Washington
|
3
|
6
|
6
|
3
|
|
West Virginia
|
5
|
10
|
6
|
5
|
|
Wisconsin
|
6
|
6
|
10
|
6
|
|
Wyoming
|
8
|
10
|
10
|
8
|
|
|
