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.
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