The statute of limitations on debt refers to the length of time a creditor has to file a lawsuit against you or collect the debt legally. Once the statute of limitations has passed, you can no longer be sued for a delinquent time-barred debt. The exact period depends on the state, but it’s typically three to six years. The statute of limitations on debt in New York, for instance, has recently been updated to three years. Call us to see if your debt is out of statute.