A statute of limitations is a time limit in which legal action can be initiated. The statute of limitations for debt varies by type of debt and state. There are four types of debt: oral contracts, written contracts, promissory notes and open-ended debt. Oral contracts are contracts that are agreed upon verbally. Written contracts are written and signed. Promissory notes are similar to written contracts except that the terms are more clearly spelled out with interest rates and payments included. Open-ended accounts are revolving accounts such as credit cards where the balance changes.
Statute of Limitations for Oral Agreements
California is the only state that has a statute of limitations (SoL) of two years for oral agreements. The SoL is three years in Arizona, Arkansas, Connecticut, Delaware, Washington DC, Kansas, Maryland, Mississippi, New Hampshire, North Carolina, Oklahoma, Virginia and Washington. The SoL is four years in these states: Florida, Georgia, Idaho, Nebraska, Nevada, New Mexico, Pennsylvania, Texas and Utah. The SoL for Oral Agreements is five years in Illinois, Iowa, Kentucky, Missouri, Montana and West Virginia. Six years SoL exists in Alabama, Alaska, Colorado, Hawaii, Indiana, Maine, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Vermont and Wisconsin. Lastly, some states have an SoL of more than six years, including: Louisiana, 10 years; Rhode Island, 15 years; South Carolina, 10 years; and Wyoming, eight years.
Written Agreements
The statute of limitations for written agreements is as follows: Alabama, six years; Alaska, six years; Arizona, six years; Arkansas, five years; California, four years; Colorado, six years; Connecticut, six years; Delaware, three years; Washington DC, three years; Florida, five years; Georgia, six years; Hawaii, six years; Idaho, five years; Illinois, 10 years; Indiana, 10 years; Iowa, 10 years; Kansas, five years; Kentucky, 15 years; Louisiana, 10 years; Maine, six years; Maryland, three years; Massachusetts, six years; Michigan, six years; Minnesota, six years; Mississippi, six years; Missouri, 10 years; Montana, eight years; Nebraska, five years; Nevada, six years; New Hampshire, three years; New Jersey, six years; New Mexico, six years; New York, six years; North Carolina, three years; North Dakota, six years; Ohio, 15 years; Oklahoma, five years; Oregon, six years; Pennsylvania, four years; Rhode Island, 15 years; South Carolina, 10 years; South Dakota, six years; Tennessee, six years; Texas, four years; Utah, six years; Vermont, six years; Virginia, five years; Washington, six years; West Virginia, 10 years; Wisconsin, six years; and Wyoming, 10 years.
Statute of Limitations for Promissory Notes
The statute of limitations for promissory notes is as follows: Alabama, six years; Alaska, six years; Arizona, five years; Arkansas, six years; California, four years; Colorado, six years; Connecticut, six years; Delaware, six years; Washington DC, three years; Florida, five years; Georgia, six years; Hawaii, six years; Idaho, 10 years; Illinois, six years; Indiana, 10 years; Iowa, five years; Kansas, five years; Kentucky, 15 years; Louisiana 10 years; Maine, six years; Maryland, six years; Massachusetts, six years; Michigan, six years; Minnesota, six years; Mississippi, three years; Missouri, 10 years; Montana, eight years; Nebraska, six years; Nevada, three years; New Hampshire, six years; New Jersey, six years; New Mexico, six years; New York, six years; North Carolina, five years; North Dakota, six years; Ohio, 15 years; Oklahoma, five years; Oregon, six years; Pennsylvania, four years; Rhode Island, 10 years; South Carolina, three years; South Dakota, six years; Tennessee, six years; Texas, four years; Utah, six years; Vermont, five years; Virginia, six years; Washington, six years; West Virginia, six years; Wisconsin, 10 years; and Wyoming, 10 years.
Open-Ended Accounts and Credit Cards
For open-ended accounts and credit cards,the statute of limitations are as follows: Alabama, three years; Alaska, six years; Arizona, three years; Arkansas, three years; California, four years; Colorado, six years; Connecticut, six years; Delaware, three years; Washington DC, three years; Florida, four years; Georgia, four years; Hawaii, six years; Idaho, four years; Illinois, five years; Indiana, six years; Iowa, five years; Kansas, three years; Kentucky, five years; Louisiana, three years; Maine, six years; Maryland, three years; Massachusetts, six years; Michigan, six years; Minnesota, six years; Mississippi, three years; Missouri, five years; Montana, five years; Nebraska, four years; Nevada, four years; New Hampshire, three years; New Jersey, six years; New Mexico, four years; New York, six years; North Carolina, three years; North Dakota, six years, Ohio, six years; Oklahoma, three years; Oregon, six years; Pennsylvania, four years; Rhode Island, 10 years; South Carolina, three years; South Dakota, six years; Tennessee, six years; Texas, four years; Utah, four years; Vermont, six years; Virginia, three years; Washington, three years; West Virginia, five years; Wisconsin, six years; and Wyoming, eight years.
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