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Debt Statute of Limitations
When discussing the Debt Statute of Limitations (SoL), it is important to understand exactly what it means. In every state, and the District of Columbia, there is a specific amount of time in which a creditor or collector may file suit to recover a debt. This is the Debt Statute of Limitations, and it varies fairly widely from state to state.
Note that the Debt Statute of Limitations only applies to filing a suit. The original creditor, a debt collection agency acting on their behalf or the new owner of the debt may attempt to collect a legally-incurred debt forever, in theory.
Definitions for the table
Oral Contract: An oral agreement to pay back money loaned ("handshake agreement"). A verbal contract, for most things, is legal in every state.
Written Contract: An agreement to pay on a loan under the terms written in a document, signed by at least two parties.
Promissory Note: An agreement to pay on a loan under the terms written in a document. The difference between a promissory note and a regular written contract is that the scheduled payments and interest on the loan also is spelled out in the promissory note. A mortgage is an example of a promissory note.
Open-ended Accounts: Revolving lines of credit with varying balances. Credit cards are the most popular example.
Debt Statute of Limitations by State (in Years)
| State | Oral Agreements | Written Contracts | Promissory Notes | Open Accounts |
| Alabama | 6 | 6 | 6 | 3 |
| Alaska | 6 | 6 | 6 | 6 |
| Arizona | 3 | 6 | 5 | 3 |
| Arkansas | 3 | 5 | 6 | 3 |
| California | 2 | 4 | 4 | 4 |
| Colorado | 6 | 6 | 6 | 6 |
| Connecticut | 3 | 6 | 6 | 6 |
| Delaware | 3 | 3 | 6 | 3 |
| DC | 3 | 3 | 3 | 3 |
| Florida | 4 | 5 | 5 | 4 |
| Georgia | 4 | 6 | 6 | 4 |
| Hawaii | 6 | 6 | 6 | 6 |
| Idaho | 4 | 5 | 10 | 4 |
| Illinois | 5 | 10 | 6 | 5 |
| Indiana | 6 | 10 | 10 | 6 |
| Iowa | 5 | 10 | 5 | 5 |
| Kansas | 3 | 5 | 5 | 3 |
| Kentucky | 5 | 15 | 15 | 5 |
| Louisiana | 10 | 10 | 10 | 3 |
| Maine | 6 | 6 | 6 | 6 |
| Maryland | 3 | 3 | 6 | 3 |
| Massachusetts | 6 | 6 | 6 | 6 |
| Michigan | 6 | 6 | 6 | 6 |
| Minnesota | 6 | 6 | 6 | 6 |
| Mississippi | 3 | 3 | 3 | 3 |
| Missouri | 5 | 10 | 10 | 5 |
| Montana | 5 | 8 | 8 | 5 |
| Nebraska | 4 | 5 | 6 | 4 |
| Nevada | 4 | 6 | 3 | 4 |
| New Hampshire | 3 | 3 | 6 | 3 |
| New Jersey | 6 | 6 | 6 | 6 |
| New Mexico | 4 | 6 | 6 | 4 |
| New York | 6 | 6 | 6 | 6 |
| North Carolina | 3 | 3 | 5 | 3 |
| North Dakota | 6 | 6 | 6 | 6 |
| Ohio | 6 | 15 | 15 | 6 |
| Oklahoma | 3 | 5 | 5 | 3 |
| Oregon | 6 | 6 | 6 | 6 |
| Pennsylvania | 4 | 6 | 4 | 6 |
| Rhode Island | 15 | 15 | 10 | 10 |
| South Carolina | 10 | 10 | 3 | 3 |
| South Dakota | 6 | 6 | 6 | 6 |
| Tennessee | 6 | 6 | 6 | 6 |
| Texas | 4 | 4 | 4 | 4 |
| Utah | 4 | 6 | 6 | 4 |
| Vermont | 6 | 6 | 5 | 6 |
| Virginia | 3 | 5 | 6 | 3 |
| Washington | 3 | 6 | 6 | 3 |
| West Virginia | 5 | 10 | 6 | 5 |
| Wisconsin | 6 | 6 | 10 | 6 |
| Wyoming | 8 | 10 | 10 | 8 |
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Comments
Comment from gfilchak@buffalo.com on March 13, 2009 at 11:31AM EST
Thank you,the information is a big help to me.How can I obtain information regarding the length of time a creditor can continue to charge interest.
Comment from Anonymous on January 5, 2010 at 11:07PM EST
These seem to be out of date, at least the Indiana statutes.
Comment from Anonymous on April 19, 2010 at 6:24PM EST
Can a credit card company have a clause in the agreement which extends the SOL? If so, do you know if Bank of America and Capitol One have an extension clause in their agreements?