Statute of Limitations on Old Debt
10 August 2006In connection with the earlier post on older debts resurfacing to haunt consumers, here is a chart of the statute of limitations in every state on old debts. The range is pretty large. Some states, like California, have shorter periods - 4 years for written debt contracts, 2 years for oral contracts. Alaska, Delaware, Maryland, Mississippi, North Carolina, and South Carolina all have flat, 3 year limits. Texas has 4 years, while at the extreme end of things, Rhode Island has a ten year statute of limitations period.
BUT - it isn’t as simple as the chart makes it out to be. Making a payment on the debt can bring it back to life, allowing them to sue you again. There are also various other things that can revive the debt, depending on the state, such as promising to pay. Be very careful what you do - it makes sense to do some more specific research on your state.
Discuss this on the Free the Drones Forums here.
One Response to “Statute of Limitations on Old Debt”
April 7th, 2007 at 3:27 am
For which state should I look at for the statute of limitation on a timeshare debt? We bought it when we lived in North Dakota and went to Florida for vacation(it’s a florida timeshare) but now live in Montana.
Thanks!