Legal Question in Credit and Debt Law in Illinois

What does statute of Limitations mean for debt?

I understand that there is a statute of Limitations for some debt collectors. What does it mean? and when does it apply?


Asked on 9/26/05, 6:34 pm

1 Answer from Attorneys
Kevin Plachta The Law Office of Kevin F. Plachta

Re: What does statute of Limitations mean for debt?

The staute of limitations is on the debt. A debt that stems from a written debt has a statute of limitations of 10 years. So a credit card debt would be "valid" for ten years Which means that if the debt is 10 years old a lawsuit can not be filed against you to collect the debt. This is not to say that a debt collector can not try to collect a debt that is over 10 years old as long as they do not threaten you with legal action in order for you to pay it. However, if the debt has already been reduced to a judgment then a judgment is valid for 20 years.

Hope that helps a bit

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Answered on 9/26/05, 7:03 pm


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