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The Statute of Limitations on Your Debt

Each state has a statute of limitations on "collection accounts." In other words, there is only so much time that debtors have to take any kind of action against an individual or "person" after the default of a loan. So, if legal action is not brought against a person in default of a loan or credit agreement, within that specified period of time on the table below for your state, then they can't do squat (!) because the statute of limitations has expired. Now, that statute of limitations only applies in the state in which the contract was actually signed. So if you lived in New York and signed in New York, but now you live in, say, Rhode Island, your statute of limitations would be found under NY on the table below. [If you have any doubt regarding the accuracy of the info on the chart below, Click here to search for your specific statute by state.]

State
Promissory
Oral
Open Ended
Written
AL
6
6
3
6
AR
6
6
6
6
AZ
5
3
3
5
CA
4
2
4
4
CO
6
6
6
6
CT
6
3
6
6
DE
6
3
3
3
DC
3
3
3
3
FL
5
4
4
5
GA
6
4
4
6
HI
6
6
6
6
IA
5
4
4
5
ID
10
5
5
10
IL
6
6
6
6
IN
10
5
5
10
KS
5
3
3
5
KY
15
5
5
15
LA
10
10
3
10
ME
6
6
6
6
MD
6
6
3
3
MA
6
6
6
6
MI
6
6
6
6
MN
6
6
6
6
MS
3
3
3
3
MO
10
10
5
10
MT
8
5
5
8
NC
5
4
4
5
ND
6
4
4
6
NE
6
6
6
6
NH
6
6
6
6
NJ
6
4
4
6
NM
6
6
6
6
NV
3
3
3
3
NY
6
6
4
6
OH
15
6
6
15
OK
5
3
3
5
OR
6
6
6
6
PA
4
4
4
4
RI
10
10
10
10
SC
3
3
3
3
SD
6
6
6
6
TN
6
6
6
6
TX
4
2
4
4
UT
6
4
4
6
VA
6
6
6
6
VT
5
3
3
5
WA
6
3
3
6
WI
10
5
5
10
WV
6
6
6
6
WY
10
8
8
10

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