Reported 11 months ago
Debt collectors have a limited time to file a lawsuit against you, typically ranging from three to six years, depending on the type of debt and the statute of limitations in your state. Once this time period passes, debt collectors can no longer sue you for the debt, but they can still attempt to collect payment. It's important to understand the impact of time-barred debts on your credit score, how the statute of limitations starts, and how to handle revival of time-barred debts. Each state has its own statute of limitations based on the type of debt, and it's recommended to handle debts responsibly to improve your financial health.
Source: YAHOO