Statute
Of Limitations
Every
state has laws governing the time in which a creditor can
file suit to collect a debt, the statute of limitations.
Generally, a creditor or debt collector gives up their right
to file suit to collect a debt after the time limit has
been reached. The clock starts once the debt has been charged
off from the original creditor. Find out what your state's
limitations are and whether the creditor is beyond that
date. If the time limit has passed, ask the court to dismiss
the suit.
|
State
|
Written
Contracts
|
Promissory
Notes
|
|
Alabama
|
6
|
6
|
|
Alaska
|
6
|
6
|
|
Arizona
|
6
|
5
|
|
Arkansas
|
5
|
6
|
|
California
|
4
|
4
|
|
Colorado
|
6
|
6
|
|
Connecticut
|
6
|
6
|
|
Delaware
|
3
|
6
|
|
Washington,
DC
|
3
|
3
|
|
Florida
|
5
|
5
|
|
Georgia
|
6
|
6
|
|
Hawaii
|
6
|
6
|
|
Idaho
|
5
|
10
|
|
Illinois
|
10
|
6
|
|
Indiana
|
10
|
10
|
|
Iowa
|
10
|
5
|
|
Kansas
|
5
|
5
|
|
Kentucky
|
15
|
15
|
|
Louisiana
|
10
|
10
|
|
Maine
|
6
|
6
|
|
Maryland
|
3
|
6
|
|
Massachusetts
|
6
|
6
|
|
Michigan
|
6
|
6
|
|
Minnesota
|
6
|
6
|
|
Mississippi
|
3
|
3
|
|
Missouri
|
10
|
10
|
|
Montana
|
8
|
8
|
|
Nebraska
|
5
|
6
|
|
Nevada
|
6
|
3
|
|
New
Hampshire
|
3
|
6
|
|
New
Jersey
|
6
|
6
|
|
New
Mexico
|
6
|
6
|
|
New
York
|
6
|
6
|
|
North
Carolina
|
3
|
5
|
|
North
Dakota
|
6
|
6
|
|
Ohio
|
15
|
15
|
|
Oklahoma
|
5
|
5
|
|
Oregon
|
6
|
6
|
|
Pennsylvania
|
4
|
4
|
|
Rhode
Island
|
15
|
10
|
|
South
Carolina
|
10
|
3
|
|
South
Dakota
|
6
|
6
|
|
Tennessee
|
6
|
6
|
|
Texas
|
4
|
4
|
|
Utah
|
6
|
6
|
|
Vermont
|
6
|
5
|
|
Virginia
|
5
|
6
|
|
Washington
|
6
|
6
|
|
West
Virginia
|
10
|
6
|
|
Wisconsin
|
6
|
10
|
|
Wyoming
|
10
|
10
|
Resource:
Debt
Collection Statute of Limitations
What
is a written contact?
A contract
is an agreement between two or more parties. The foundation
of most contracts is a set of mutual guarantees. The guarantees
made by the parties define the rights and obligations of
the parties. And if one of the parties doesn't meet their
contractual obligations (breaches the contract), the non-breaching
party may be entitled to receive relief through the judicial
system.
What
is a promissory note?
A promisary
note is a written promise to pay or repay a specified sum
of money at a stated time or on demand. Also called note
of hand.
