Debt and Statute of Limitations

Table of Contents

A statute of limitations is a law that places a time limit on pursing a legal remedy.  This means that once a certain amount of time has passed, the law prohibits attempts to sue over an alleged wrong doing.

Knowing about these limitations may be crucial in determining how to address financial problems.  In Missouri, most financial contracts allow for collection for 10 years, while Kansas allows 5 years.  There are some exceptions to this, specifically for oral contracts.  What is important to remember, is that the statute of limitations begins running when there is a breach; often, non-payment.  The time limit does not begin with the purchase or the creation of the contract, but when the first payment is missed.

It is also important to note that the statute of limitations is reset any time a payment is made towards that debt.  So, if 3 years have passed since the last payment towards a credit card, and then a new payment is voluntarily made, the statute of limitations starts over.  This is important matter especially when it comes to trying to settle old debts.

Another important note is that the statute of limitations do not apply once a judgment has been obtained.  There are different rules that apply to judgments, including the ability to revive a judgment after 10 years.  Knowing how these time limits affect you and your debt are essential to help make informed, financial decisions.

If you find yourself stressed about debt and are seeking debt relief, don’t hesitate to contact W M Law. We have handled over 13,000 bankruptcy cases and have over 20 years of experience in handing consumer debt in Kansas City (Missouri and Kansas). Our offices are conveniently located in Kansas: Olathe, and Missouri: Independence and Northland. Please call us at 913-422-0909 for a free consultation with an attorney.

By Addam Fera, W M Law Attorney


Author picture
Author picture

Jeffrey L. Wagoner


Bankruptcy Eligibility Tool

Are you 1 or more payments behind on any of these debts?(Required)

Your privacy is important to us. WM Law will protect your name and confidential information against disclosure, publication or unauthorized use. By clicking “Submit” you agree that WM Law may contact you (including autodials, pre-recorded calls, and texts) about your interest in finding an attorney. Consent is not a condition of the services. Our receipt of the information on this web site is not intended to create, and receipt does not constitute, a contract for representation by WM Law.