Bill collectors hounding you? Considering repaying or negotiating an old debt? The statute of limitations on bills, often referred to as tolling of time is a powerful tool for consumers. The SOL can thwart off lawsuits and collectors when attempting to collect or sue on dusty old debts.
If a debt is legally expired, you can escape being sued or having to pay it back. Likewise, it can be detrimental because many debtors unwillingly renew the SOL by making a partial payment or a written promise to pay which extends the statute.
The statute of limitations is a civil code. Each state has its own statute, For instance, the code section in Cal. Code of Civil Procedure § 337.
The legal meaning for statute of limitations is: THE TIME OF COMMENCING ...