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The legal meaning for statute of limitations is: THE TIME OF COMMENCING ACTIONS-Time allowed that litigation-lawsuit can be brought. (See complete legal meaning of Statute of Limitations). After that time, it has expired. Statute is a law. Passed by legislation and varies by state. The original statute of limitations begins at the onset of the contract signing (see more below for time barred debts).
Statute of limitations vary from state to state but it is usually 4-6 years depending on the state. The term statute of limitations means the time allotted to legally enforce the debt. If a statute expires and someone sues you, It is up to you to bring the expired SOL defense to the other parties attention.
If you say nothing or do not bring up the expired statute then the judgment can be entered. Don’t assume it means the other party is barred from attempting to collect. It simply means that your defense is the expired SOL not to enforce the lawsuit. If your statute of limitations has expired that means that the debt cannot be enforced by lawsuit, that does not dismiss the debt and the creditor can still leave it on your credit for 7 years (excluding some public records, those can remain for 10 years) but legally you do not have to pay it if the statute has expired.
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