Missouri Statute of Limitations on Debt Collection
If you’ve recently been served with a lawsuit in Missouri, the first thing you need to find out is if the state statute of limitations has expired on your case. The Missouri statute of limitations on debt collection is the state law which limits how much time a creditor has to file a lawsuit against someone looking for legal help for debt. Of course, it’s important to know that debt collectors can attempt to collect a debt indefinitely, the Missouri statute of limitations restricts the amount of time creditors can use the court system in their efforts. We’re here to help MO residents find out if their cases should be dismissed according to the debt statute of limitations.
Missouri laws regulate the statute of limitations on the several different kinds of debt agreements. For written agreements that contemplate the payment of money or property, Missouri law dictates that the statute of limitations on this debt is 10 years (Missouri Revised Statute §5l6.ll 0). Please note that under certain circumstances, the contractual statute of limitations can be reduced to five years.
Oral contracts and verbal agreements have a 6 year statute of limitations. Promissory notes—which differ from written contracts because scheduled payment and interest are clear—have a 3 year statute of limitations in Missouri. Mortgages are a common type of promissory note debt. Lastly, open-ended accounts (like credit card accounts) have a 5 year statute of limitations (Missouri Revised Statute §5l6.l20).
For more information on the MO Statute of Limitations, contact SmithMarco, P.C. here for a free consultation or call us at 888-822-1777.
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