Oklahoma Statute of Limitations on Debt Collection
Creditors have a limited period of time in which to file suit
over an unpaid debt. Each type of debt has a specific time
period in which a collection agency can continue its collection
efforts against a consumer for an unpaid debt. The statue of
limitations is the time with which the credit card company has to
file a lawsuit against a person they claim has breached the
agreement to pay. If the time allowed by your state has expired,
you can no longer be sued successfully for the debt.
In Oklahoma, debt based on written contracts have a limitation
period of 5 years (O.S. § 95(1)), while oral contracts may only be
collected upon for up to 3 years (O.S. § 95(2)). Attachment,
or the legal seizure of property or a person, has a statute of
limitation of 5 years (O.S. § 95(5)).
Judgments have their own statutes of limitation, depending on
the type of judgment obtained against the debtor. A domestic
judgment for debt collection, rendered by a court of the state
where the judgment for the debt occurred, has a limitation period
of 5 years (O.S. § 95(5)). While a foreign judgment, or any
judgment of a court where the debt did not originally occur, has a
limitation period of 3 years (O.S. § 95(2)).
If you have further questions regarding Oklahoma Statute of
Limitations, please contact SmithMarco, P.C. and
talk to a lawyer today.