The brief response is вЂњyes. should anyone ever wondered whether or perhaps not there was a statute of limitations (SOL) on debtsвЂќ unfortuitously, this answer that is short be deceptive as practically all the fifty states have various statutes of limits on different varieties of debts. As an example, in Texas, the statute of limits on penned contracts, dental agreements, promissory notes and open-ended reports is the identical вЂ“ four years. However in Arizona, it is 6, 3, 5 and five years correspondingly. Plus in Indiana, it is a decade on penned contracts, 6 on dental agreements, 10 on promissory records and 6 years on open-ended records.
What exactly is a statute of restrictions?
Its purpose would be to protect you against the stress to be sued with a creditor forever. Nonetheless, this doesn’t avoid a creditor from suing you.