What is the statute of limitations for a debt?

I was recently told that some of my old debt could be deleted because of statue of limitations is this correct? If so what are the time lines? In IN.

Asked on July 20, 2010 under Bankruptcy Law, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Once the statute of limitations has passed, you can no longer be sued on a debt. The statute of limtiations starts running when the cause of action acrues, which for a debt, is typically when you miss a payment under the terms of the debt and/or default. I believe that in Indiana, the statute of limitations is 6 years for oral contracts and open accounts (credit cards) or 10 years for written contracts and promissory notes. Therefore, depending on the type of debt, a creditor would seem to have at least 6, and possibly 10 years to sue you. However, the circurmstances are very important for determing the limitations period, so for a definitive answer, you need to consult with an attorney who can evaluate your specific situation. Good luck.


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