What is the NC statute of limitations on debt?

Answer by  Dean (4035)

Debt is governed by federal law, not state law. There are several websites that explain the SOL for debts, including collection efforts.

Answer by  MichaelMoroschan (120)

The statute of limitations on debt in North Carolina is between 3 to 5 years depending upon which type of debt contract you have. There are 4 main types of debt contracts involved; 1. Oral, 2. Written, 3. Promissory Notes, 4. Open-ended accounts.

Answer by  Atomicrayon (2504)

Bankruptcy. You're broke until you throw in the towel and ruin 7 years of credit history. There is no limitation on how much you can owe.

Answer by  Liz59 (10966)

Well there are certain limitations to the debt. I believe it can not exceed the total amount declared for bankruptcy. Be sure to stay within these codes because the NC is very strict about this.

Answer by  TheAnswerFairy (2345)

It lasts for either 3 years or 10 years after the last payment was made, depending on the type of debt. I can't give more detail in 30 words.

Answer by  Cali2307 (1337)

Express or implied contracts not under seal are three years. Open accounts are three years from last payment. Contracts and personal property sales under seal are ten years.

Answer by  mammakat (11147)

Court judgement of a debt, 10 yrs. Contract and sale of personal property 10 yrs, Bankruptcy, death or disabilty, varies. This is so variable, you need to consult an attorney.

Answer by  patti (29325)

The law regarding debt is a federal law. You can find information about the SOL regarding debt at many different websites.