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When does the statute of limitations on a small claims debt expire in Nebraska?
Wiki User
∙ 16y ago
According to Franklin Debt Relief: Statute of Limitations
A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in Nebraska, the applicable statutes of limitations would be California's.)
Oral Agreements: 4 years
Written Contracts: 5 years
Promissory Notes: 5 years
Open Accounts (credit cards): 4 years
Wiki User
∙ 16y ago
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