Statute of Limitations. The amount of time a party has to sue after you default on a debt. After that time, you have an affirmative defense that you must plead if you are sued. SOL does not make the debt go away unless your state statutes have a statute of repose, or the courts have ruled that the SOL = SOR. SOL does not affect the reporting period to the CRA's.
Thanks for the 411 Thanks for letting me know what SOL and SOR are. I'm going to do a Google search for Indiana and find out what ours is...unless you know? Thanks again for the response.
When you check it out, make sure you know what kind of debt you have. It may be different for revolving or installment. It's not in all states, but I believe it is in some.
Not sure how current this is... STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6 Written Contract for payment of money (executed before 9/l/82): 10 (executed after 8/31/82): 6 Written Contract (other than payment of money): 10 Written Contract for sale of goods: 4 Domestic Judgment: 10 on real estate 20 against the person Foreign Judgment: 10
