Legal

Statute of Limitations (on Debt)

The statute of limitations on debt is the maximum period, set by each state, during which a creditor can sue to collect a debt. It varies by state and by debt type (written contract, open account, promissory note). After it expires the debt still exists but is time-barred, meaning it can no longer be enforced through a lawsuit.

What Statute of Limitations (on Debt) means for creditors

Time is money on aging receivables: the closer an account gets to its limitations deadline, the more its enforceable value decays. MSB prioritizes placements by remaining limitations window to recover balances before legal remedies expire.

Legal reference: Set by state law (varies by state and debt type)

Midwest Service Bureau has recovered commercial, medical, utility, and government debt for creditors nationwide since 1970 — on a no-recovery, no-fee basis. Questions about statute of limitations (on debt) or a portfolio you'd like reviewed? Call (800) 362-0272.

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