Debt Collection Problems

Debt Collection Laws

Nevada Statute of Limitations on Debt Collection

A collection agency uses the court system as a tool to collect debt by filing suit and receiving a judgment against a consumer allowing it to legally force involuntary payment of the money it is owed.  The statute of limitations on debts limits the period of time a consumer can be sued for a debt.      

In Nevada, debts based on verbal contracts, agreements made orally for the purchase of goods or services, have a statute of limitations of 4 years while written contracts have a 6 year limitation period. 

Promissory Notes, written and signed promises to make payment for a specified amount of money at a certain agreed upon time, the most common example being loans, have a statute of limitations of 3 years;

Open Ended Accounts or accounts that have a revolving balance, like a credit card, have a 4 year statute of limitations.