A contract in Massachusetts is a legally binding agreement, but it is not enforceable forever. There are three types of contracts one can enter into: oral contracts, written contracts and promissory notes.
Time Frame
All three types of contracts have a statute of limitations (SOL) of six years in Massachusetts. This is the time period these debts may legally be collected. If you default on a contract within this time, the lender can take you to court.
Warning
If you are taken to court before the six year SOL has passed and are successfully sued for the debt, the judgment resulting from that lawsuit has a SOL of 20 years in Massachusetts. The judgment is not renewable after this SOL has passed.
Considerations
There is a $125 a week wage garnishment exemption in Massachusetts, which means you will be able to keep a minimum of $125 a week from your wages if they are garnished.
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