Rabu, 27 April 2011

Statutes of Limitations of old Debt ...

DID YOU KNOW??? Once a DEBT passes beyond the STATUTE OF LIMITATION in your state, a debt collector no longer has the right to sue you for payment. You may still have a moral obligation to pay it back, but you can't be sued over it. Any debt collector who threatens to sue you over a debt that is beyond the statute of limitation in your state is in violation of the Fair Debt Collection Practices Act. See below or Ask me...


State
Written contracts
Oral contracts
Promissory notes
Open accounts (including credit cards)
Alabama
6
6
6
3
Alaska
6
6
6
6
Arizona
6
3
5
3
Arkansas
6
3
5
3
California
4
2
4
4
Colorado
6
6
6
6
Connecticut
6
3
6
6
Delaware
3
3
6
3
D.C.
3
3
3
3
Florida
5
4
5
4
Georgia
6
4
6
4
Hawaii
6
6
6
6
Idaho
5
4
10
4
Illinois
10
5
6
5
Indiana
10
6
10
6
Iowa
10
5
5
5
Kansas
5
3
5
3
Kentucky
15
5
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
10
5
10
5
Montana
8
5
8
5
Nebraska
5
4
6
4
Nevada
6
4
3
4
New Hampshire
3
3
6
3
New Jersey
6
6
6
6
New Mexico
6
4
6
4
New York
6
6
6
6
North Carolina
3
3
5
3
North Dakota
6
6
6
6
Ohio
15
6
15
6
Oklahoma
5
3
5
3
Oregon
6
6
6
6
Pennsylvania
6
4
4
6
Rhode Island
15
15
10
10
South Carolina
10
10
3
3
South Dakota
6
6
6
6
Tennessee
6
6
6
6
Texas
4
4
4
4
Utah
6
4
6
4
Vermont
6
6
6***
6
Virginia
5
3
6
3
Washington
6
3
6
3
West Virginia
10
5
6
5
Wisconsin
6
6
10
6
Wyoming
10
8
10
8


* Six years if contract is for payment of money.

** Five years if promissory note is added to a bill of sale.

+ The applicable statute of limitations in Maine and Massachusetts on a debt owed to a bank or on a promissory note signed before a witness is 20 years. (Me. Rev. Stat. Ann. Tit.14, s 751; Mass. Gen. Laws ch. 260, s 1.)

*** Vermont's statute of limitations on a promissory note signed before a witness is 14 years.

Source: Bankrate.com
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