Is there a statute of limitations on debt collection?

Yes, there is a statute of limitations on debt collection in Mississippi. According to the Mississippi Code of 1972, a debt collection statute of limitations generally requires a creditor to institute suit or file a claim against a debtor within a certain period of time. Generally speaking, the statue of limitations on debt in Mississippi is three years for written contracts, four years for verbal contracts, and six years for judgments. The statute of limitations applies to civil lawsuits, meaning that if the creditor files a lawsuit beyond the applicable statute of limitations, the debtor can use that fact as a defense in court. The debtor can argue that the creditor should have filed suit before the statute of limitations expired. The court may agree and dismiss the lawsuit if it finds that the statute of limitations has expired. It is important to note that the statute of limitations does not eliminate the debt. Instead, the creditor can no longer sue the debtor to collect payment for the debt. The debt may still remain on credit reports for up to seven years, and debt collectors may still contact the debtor and ask for payment. Additionally, if the creditor wins a judgment against the debtor before the statute of limitations has expired, then the debt may remain payable for up to 10 years and may be renewed periodically. In short, there is a statute of limitations on debt collection in Mississippi. This statute sets specific time frames for when creditors must initiate legal action against the debtor. If the creditor fails to do so within the prescribed time frame, then the court may dismiss the lawsuit, although the debt may remain payable.

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Is there a statute of limitations on debt collection?

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