Statue Of Limitations
Below are state by state statue of limitations all figures are in years. The statue of limitations is the time period in which legal action can be taken. Depending on the contract the creditors are only allowed to collect the debt for the amount of time listed. Before you attempt to settle a debt check the statue of limitations. If the debt is past the statute of limitations, send the creditor a letter informing them that they are trying to collect a zombie debt (this is debt which is past statue of limitations and you are no longer legally responsible).
Oral contract
- A verbal agreement to pay money loaned to you by someone. Remember a verbal contract is legal just tougher to prove in court.
Written contract
- A written agreement to pay on a loan under the terms written in a document, which you and your lender have signed.
Promissory note
- Same as a written agreement except a promissory note has scheduled payments and interest spelled out on the loan. A mortgage is an example of a promissory note.
Open-ended or Revolving Accounts
- Revolving lines of credit with different balances. A credit card is an example of an open ended account.
| State | Oral | Written | Promissory | Open-ended or Revolving Accounts |
| AL | 6 | 6 | 6 | 3 |
| AR | 3 | 5 | 5 | 3 |
| AK | 6 | 6 | 3 | 3 |
| AZ | 3 | 6 | 6 | 3 |
| CA | 2 | 4 | 4 | 4 |
| CO | 6 | 6 | 6 | 3 |
| CT | 3 | 6 | 6 | 3 |
| DE | 3 | 3 | 3 | 4 |
| DC | 3 | 3 | 3 | 3 |
| FL | 4 | 5 | 5 | 4 |
| GA | 4 | 6 | 6 | 6 ** |
| HI | 6 | 6 | 6 | 6 |
| IA | 5 | 10 | 5 | 5 |
| ID | 4 | 5 | 5 | 4 |
| IL | 5 | 10 | 10 | 5 |
| IN | 6 | 10 | 10 | 6 |
| KS | 3 | 6 | 5 | 3 |
| KY | 5 | 15 | 15 | 5 |
| LA | 10 | 10 | 10 | 3 |
| ME | 6 | 6 | 6 | 6 |
| MD | 3 | 3 | 6 | 3 |
| MA | 6 | 6 | 6 | 6 |
| MI | 6 | 6 | 6 | 6 |
| MN | 6 | 6 | 6 | 6 |
| MO | 5 | 10 | 10 | 5 |
| MS | 3 | 3 | 3 | 3 |
| MT | 5 | 8 | 8 | 8 |
| NC | 3 | 3 | 5 | 3 |
| ND | 6 | 6 | 6 | 6 |
| NE | 4 | 5 | 5 | 4 |
| NH | 3 | 3 | 6 | 3 |
| NJ | 6 | 6 | 6 | 6 |
| NM | 4 | 6 | 6 | 4 |
| NV | 4 | 6 | 3 | 4 |
| NY | 6 | 6 | 6 | 6 |
| OH | 6 | 15 | 15 | 6 |
| OK | 3 | 5 | 5 | 3 |
| OR | 6 | 6 | 6 | 6 |
| PA | 4 | 4 | 4 | 4 |
| RI | 10 | 5 | 6 | 4 |
| SC | 3 | 3 | 3 | 3 |
| SD | 6 | 6 | 6 | 6 |
| TN | 6 | 6 | 6 | 6 |
| TX | 4 | 4 | 4 | 4 |
| UT | 4 | 6 | 6 | 4 |
| VA | 3 | 5 | 6 | 3 |
| VT | 6 | 6 | 5 | 3 |
| WA | 3 | 6 | 6 | 3 |
| WI | 6 | 6 | 10 | 6 |
| WV | 5 | 10 | 6 | 5 |
| WY | 8 | 10 | 10 | 8 |