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What is a statute of limitations? |
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A statute of limitation is a state or federal statute that limits the
maximum time allowed on certain situation. There are several statutes of
limitations. Some may deal with mechanics liens, some deal with
personal liability issues, criminal activity, etc.
It is felt that if too much time passes before action is taken then
facts maybe lost or events forgotten.
In the case of credit there are various statutes of limitations depending of
the type of agreement. These statutes dictate the maximum time a creditor
can wait before taking legal action.
We have compiled a list of the states and their statutes of limitations
on the most common forms of credit. Click
here to review the list.
Each statute also dictates when the statute time begins. In the case of
credit it maybe when you last paid, or when you last charged, or when you last
verbally reaffirmed the debt. Each state is different.
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Credit Issues 
