When Does Debt Expire in the U.S.? Understanding the Statute of Limitations
When Does Debt Expire in the U.S.? Understanding the Statute of Limitations If you’ve ever had an old debt come back to haunt you, you may have wondered: Can they still collect on this? Can I be sued? In the U.S., debt doesn't technically "expire," but the Statute of Limitations (SOL) determines how long a creditor can sue you. π What Is the Statute of Limitations on Debt? The statute of limitations is a legal time limit for a creditor to file a lawsuit to collect a debt. Once it expires, they can no longer legally sue you — but they can still try to collect. π
How Long Is the Time Limit? It depends on: The type of debt The state you live in Debt Type Typical SOL Range Credit card debt 3–6 years Personal loans 3–10 years Medical bills 3–6 years Auto loans 4–6 years Mortgage debt Up to 10 years π Always check your state's laws — they vary widely. ⚠️ Important: The Clock Can Restart The SOL resets if you: ...