What is the statute of limitations on personal loans?

The statute of limitations on personal loans in Wisconsin is six years. This means that creditors in the state can file a lawsuit against a borrower for six years from the date of the last payment received by the creditor. If the borrower cannot pay within that time, the creditor can no longer file a lawsuit against the borrower for that debt. The time period can vary depending on the type of loan and the state where the borrower resides. In Wisconsin, oral contracts, ordinary loans, and implied contracts all have a six-year statute of limitations. However, some types of loans, like student loans, may have a longer statute of limitations. It is important to note that the statute of limitations does not erase the debt, meaning that the debt still exists even if a creditor cannot file suit. Even after the statute of limitations ends, the creditor can still attempt to collect the debt. If the creditor is successful, the borrower must be willing to negotiate a payment plan. It is important to be aware of the statute of limitations for your particular loan, as it may be different for different states and types of loans. A consumer debt defense lawyer can help you understand the statute of limitations for your particular loan and provide advice on the best course of action.

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What is the statute of limitations on personal loans?

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