All debt in Oregon is legally collectable only for a certain period of time, know as the stature of limitations (SOL) on the debt. This includes debt that is racked up due to consumer spending.
Identification
Most consumer debt is put on a credit card, which is classified as an open account. It is an open account because it is revolving, meaning that you con continuously spend and pay down your credit balance.
Time Frame
Open accounts have a SOL of six years in Oregon, which means that a credit card company can sue you for the consumer debt you owe to them only for six years after you default on the account.
Warning
If the creditor sues you within the SOL, it will have a judgment against you, which has a SOL of its own. In Oregon, the SOL on a domestic judgment is ten years, but it is renewable. This means that after the initial ten years has passed, the company can ask a judge to extend it for another ten years.
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