Indiana Statute of Limitations on Debt Collection
A statute of limitations is a law setting the maximum amount of time a party has to file suit from the date of an occurrence.
In Indiana, oral contracts, written contracts for payment of money and promissory notes have a limitation period of 6 years, while written contracts unrelated to the payment of money have a written limitation period of 10 years from the date the debt was incurred.
The statute of limitation in Indiana may begin to run anew by written acknowledgement, a promise to pay or a voluntary payment of the debt by the debtor.
A debt collector may extend the time in which it can collect a debt from a consumer by obtaining a judgment. The statute of limitations inIndianafor a judgment is 10 years unless renewed by the collector. That means once a creditor has a judgment against a consumer, that judgment is collectible for up to 10 years. The creditor can go to the court at the ten year mark and request to renew the judgment, and have it open for an additional 10 years.
SmithMarco, P.C. can help with any other questions regarding Indiana Statue of Limitations. Do not hesitate to call us at 888-822-1777 or contact us here for a free case review.