The legal meaning for statute of limitations is: THE TIME OF COMMENCING ACTIONS -Time allowed that litigation - lawsuit can be brought. After that time, it has expired. Statute is a law. Passed by legislation and varies by state. The original statute of limitations begins at the onset of the contract signing (see more below for time barred debts).
Statute of limitations vary from state to state but it is usually 4-6 years depending on the state. The term statute of limitations means the time allotted to legally enforce the debt. If a statute expires and someone sues you, it is up to you to bring the expired SOL defense.
Don't assume an expired statute of limitations means the other party is barred from attempting to collect. It simply means that your defense is the expired SOL - not to enforce the lawsuit. The statute of limitations for your credit reports is separate. Items on your credit reports are seven years.
Statute of limitations vary from state to state but it is usually 4-6 years depending on the state. The term statute of limitations means the time allotted to legally enforce the debt. If a statute expires and someone sues you, it is up to you to bring the expired SOL defense.
Don't assume an expired statute of limitations means the other party is barred from attempting to collect. It simply means that your defense is the expired SOL - not to enforce the lawsuit. The statute of limitations for your credit reports is separate. Items on your credit reports are seven years.
