Kentucky Statute of Limitations on Debt Collection
Each state has its own statute of limitations on debt collections. A statute of limitations is a law that limits how long a creditor has to file a lawsuit against someone seeking legal recovery for debt assistance. While a debt collector can indefinitely try to collect a debt, the statute of limitations legally limits how long a creditor can use the state court system to try to collect a debt. If you are a Kentucky resident in debt, it's imperative that you're familiar with the Kentucky statute of limitations.
However, the Kentucky statute of limitations on credit card debt is a bit murkier than other states. According to the Kentucky law on oral contracts, or verbal agreements, debt collection agencies have five years since the last action on the debt to put forward a suit (KRS 413.120). However, the Kentucky law on written contracts allows creditors fifteen years to sue a Kentucky resident.
There are other Kentucky statute of limitations that differ depending on the situation. For creditors seeking to recovery real property, they have 15 years to sue (KRS 413.0 10). As for action for credit fraud, the statute of limitations is 5 years (KRS 413.120). For creditors pursuing suits against people who owe money from judgments, contracts, or bonds, they have 15 years (KRS 413.110). All other actions not specifically provided for by the Kentucky statute of limitations have a 10 year limit (KRS 413.160).
The Kentucky statute of limitations on debt collection is particularly confusing. For more information on the Kentucky Statute of Limitations, contact SmithMarco, P.C. here for a free consultation or call us at 888-822-1777.