The brief response is “yes. should anyone ever wondered whether or otherwise not there was a statute of limitations (SOL) on debts” unfortuitously, this brief response can be deceptive as pretty much all the fifty states have actually different statutes of limits on different varieties of debts. The statute of limitations on written contracts, oral agreements, promissory notes and open-ended accounts is the same – four years for example, in Texas. However in Arizona, it is 6, 3, 5 and 5 years correspondingly. As well as in Indiana, it is a decade on penned contracts, 6 on dental agreements, 10 on promissory records and 6 years on open-ended reports.

What exactly is a statute of limits?

A statute of restrictions is a time period of years after which it a creditor can no sue you to longer collect on the financial obligation. Its function is always to protect you against the stress to be sued by a creditor forever. Read more