Is there a statute of limitations on debt collection?

Yes, there is a statute of limitations on debt collection in Pennsylvania. Generally, the statute of limitations for debt collection is four years. This means that, a creditor must file a lawsuit to collect a debt within four years from the time that the debt was incurred. The creditor cannot attempt to collect a debt after this 4-year period if the debt is expired. However, the statute of limitations varies depending on the type of debt. For instance, if a debt is for a promissory note, then the statute of limitations is seven years. Additionally, if the debt is for a credit card, the statute of limitations is six years from the last date of payment. Bank debts also have a six year statute of limitations. Additionally, the statute of limitations may also be extended if the debtor makes a payment on the debt within the 4-year period. This will restart the statute of limitations and the creditor will be able to file a lawsuit to collect the debt within an additional four years. The statutes of limitations for debt collection in Pennsylvania are important for both creditors and debtors. They ensure that creditors cannot attempt to collect a debt that is expired and they provide debtors with the knowledge that debt collection cannot be pursued after a certain period of time.

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Is there a statute of limitations on debt collection?

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