Definition

• The statute of limitations (SoL) for debt prohibits a debt collector to pursue a debtor for an extended period of time. Debts have a time limit and if a creditor is unable to receive full payment on a debt within this time frame, then the debts can be erased, or written-off, from the debtors' credit report.
  
  

Time Frame

• Each state in the United States features different laws concerning the time frame an entity is able to pursue a debt before the debt expires. BCS Alliance states this time frame can range from two years to 15 years before the delinquent debt is written off. Fair Debt Collection features a list of the SoL for every state regarding debts.
  
  

Non Applicable Debt

• As of 2010, the statute of limitations is applicable to all forms of consumer debt. The following forms of debt are not affected by a state's SoL: delinquent child support, federal student loans, criminal/civil fines and taxes. Only unsecured debt is applicable under a state's statue of limitations law.