Statute of Limitations for Debt by State
Did you know that each state has its own statute of limitations on the collection of personal debt? This means that if you owe money and a certain amount of time has passed without you paying it back, that the lender that you owe can no longer collect payment from you. The debt becomes uncollectable. There are statute of limitations for debt such as written contracts, promissory notes, open accounts (such as credit cards) and oral agreements.
There are debt collection companies out there that make good money on trying to collect debt that has expired or is about to expire. They will contact you and harass you and use unfair or illegal practices to get you to pay them for expired debt. It’s important to know that you should NEVER admit that you owe expired debt or promise to pay on that expired debt. If you do, it could restart the statute of limitations, allowing a debt collection agency to go after you legally or even sue you.
If you have debt that is about to expire, that is a good time to negotiate with the lender. You can contact the credit card company, bank, etc and tell them that you are willing to pay but only if they reduce the balance owed. Some lenders may reduce the balance down to 35 cents on the dollar. These lenders would rather get paid something rather than nothing.
See below for a table of statute of limitations by state.
| Written | Promissory | Open | Oral | ||
| State | contracts | notes | accounts | Agreements | |
| Alabama | 6 | 6 | 3 | 6 | |
| Alaska | 6 | 6 | 6 | 6 | |
| Arizona | 6 | 5 | 3 | 3 | |
| Arkansas | 5 | 6 | 3 | 3 | |
| California | 4 | 4 | 4 | 2 | |
| Colorado | 6 | 6 | 6 | 6 | |
| Connecticut | 6 | 6 | 6 | 3 | |
| Delaware | 3 | 6 | 3 | 3 | |
| Wash, DC | 3 | 3 | 3 | 3 | |
| Florida | 5 | 5 | 4 | 4 | |
| Georgia | 6 | 6 | 4 | 4 | |
| Hawaii | 6 | 6 | 6 | 6 | |
| Idaho | 5 | 10 | 4 | 4 | |
| Illinois | 10 | 6 | 5 | 5 | |
| Indiana | 10 | 10 | 6 | 6 | |
| Iowa | 10 | 5 | 5 | 5 | |
| Kansas | 5 | 5 | 3 | 3 | |
| Kentucky | 15 | 15 | 5 | 5 | |
| Louisiana | 10 | 10 | 3 | 10 | |
| Maine | 6 | 6 | 6 | 6 | |
| Maryland | 3 | 6 | 3 | 3 | |
| Massachusetts | 6 | 6 | 6 | 6 | |
| Michigan | 6 | 6 | 6 | 6 | |
| Minnesota | 6 | 6 | 6 | 6 | |
| Mississippi | 3 | 3 | 3 | 3 | |
| Missouri | 10 | 10 | 5 | 5 | |
| Montana | 8 | 8 | 5 | 5 | |
| Nebraska | 5 | 6 | 4 | 4 | |
| Nevada | 6 | 3 | 4 | 4 | |
| New Hampshire | 3 | 6 | 3 | 3 | |
| New Jersey | 6 | 6 | 6 | 6 | |
| New Mexico | 6 | 6 | 4 | 4 | |
| New York | 6 | 6 | 6 | 6 | |
| North Carolina | 3 | 5 | 3 | 3 | |
| North Dakota | 6 | 6 | 6 | 6 | |
| Ohio | 15 | 15 | N/A | 6 | |
| Oklahoma | 5 | 5 | 3 | 3 | |
| Oregon | 6 | 6 | 6 | 6 | |
| Pennsylvania | 4 | 4 | 4 | 4 | |
| Rhode Island | 15 | 10 | 10 | 15 | |
| South Carolina | 10 | 3 | 3 | 10 | |
| South Dakota | 6 | 6 | 6 | 6 | |
| Tennessee | 6 | 6 | 6 | 6 | |
| Texas | 4 | 4 | 4 | 4 | |
| Utah | 6 | 6 | 4 | 4 | |
| Vermont | 6 | 5 | 6 | 6 | |
| Virginia | 5 | 6 | 3 | 3 | |
| Washington | 6 | 6 | 3 | 3 | |
| West Virginia | 10 | 6 | 5 | 5 | |
| Wisconsin | 6 | 10 | 6 | 6 | |
| Wyoming | 10 | 10 | 8 | 8 | |