What is the statute of limitations on personal loans?

In Ohio, the statute of limitations on personal loans is six years from the date of the default. This means that if you have defaulted on a personal loan in Ohio, the lender has six years to sue you for the debt. After six years, the lender can no longer take legal action against you for the debt. There are other types of debt, however, that have a shorter or longer statute of limitations than six years. For example, debt resulting from an unpaid court judgment in Ohio has a fifteen-year statute of limitations. On the other hand, certain types of debt have a three-year statute of limitations, such as debt related to fraudulent credit card transactions. The period of time that a debt stays on your credit report also has limits. Generally, negative items such as delinquencies, bankruptcies, and collections can stay on your report for up to seven years. It is important to note that a statute of limitations applies to debt collection, not to the debt itself. This means that even if the statute of limitations has expired, the debt is still owed and can still be collected. If you are facing debt collection, it is important to seek competent legal advice from a consumer debt defense attorney in Ohio. A consumer debt defense attorney can help you understand your rights and determine which legal strategy is best for your situation.

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What is the statute of limitations on personal loans?

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