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