What is the statute of limitations on debt?

The statute of limitations on debt in Washington is different for each type of debt. Generally, the statute of limits on debt is seven years, although some other types of debt can have shorter or longer statutes of limitations. For example, open ended accounts such as credit cards have a statute of limitations of six years, whereas lawsuits may have a statute of limitations between one and five years. When a debt has passed the statute of limitations, it does not disappear but can no longer be enforced by creditors or collections agencies. This means that creditors or collections agencies cannot sue debtors for this debt and cannot collect the amount due. However, if the debt is paid or payment is offered, the statute of limitations starts over and the creditor or collections agency can once again try to collect the debt. It is important to note that the statute of limitations does not apply to all types of debt. It also does not apply to federal and state taxes, student loans, child support, court fines, and other types of debt. These types of debt may be enforced indefinitely and can remain on your credit report even after the statute of limitations has passed. Therefore, it is important to understand the statute of limitations on debt in order to know the timeframes and options when dealing with debt. If you have questions about how the statute of limitations applies to your debt, it is best to consult with a credit repair attorney who is knowledgeable about the laws in Washington.

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What is the statute of limitations on debt?

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