statute of limitation is the amount of time a person can take legal action on a certain event. When it comes to debt, the statute of limitation is the amount of time a creditor can ask the court to force you to pay for a debt. The court system doesn’t keep track of the statute on your debt. Instead, it’s your responsibility to prove the debt has passed it’s statute of limitation.
Debts that have passed the statute of limitation are known as time-barred debts. Just because the debts have aged past the statute of limitation doesn’t mean you no longer owe. It just means the creditor won’t get a judgment against you – as long as you come to court prepared with proof the debt is too old. Proof might include check showing the last time you made a payment or your own records of communication you’ve had about that debt.
Continue reading the article: https://www.thebalance.com/state-by-state-list-of-statute-of-limitations-on-debt-960881