What is the statute of limitations on debts?

The statute of limitations on debts in Kansas is five years from the date the debt was incurred, according to the Kansas Debtor and Creditor Law. That means, if you are owed money, you must file a lawsuit within 5 years of the date the debt was incurred. If you wait longer than 5 years, the court may not allow you to collect the debt. While creditors can still contact you to request payment on a debt during the five-year period, they cannot legally take action or file a lawsuit if the 5-year period has already passed. However, it is important to note that there are some exceptions to the 5-year rule. Certain types of debts, such as taxes or student loans, have different statutes of limitations, so it’s important to be aware of the specifics of the debt. It is also important to understand that if a debtor files for bankruptcy, all debt is wiped out and the statute of limitations no longer applies. Finally, in Kansas, if a creditor obtains a judgment, they can add interest and can enforce payment of the judgment for 20 years from the date of the judgement. After 20 years, the judgment expires and the debt will no longer be owed.

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What is the statute of limitations on debts?

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