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Yes, it might adversely affect your right to make a claim or raise a defense to a claim. There is an equitable affirmative defense to certain claims called "laches." Laches is where a litigant does not diligently pursue his right until some delay or change in circumstance severely prejudices the other side from either bringing a claim or making a defense to one. One example is waiting to file a lawsuit until the defendant dies or its witnesses are unavailable and can no longer provide evidence against the delaying party's claim. Laches is an equitable remedy, which means it will be applied only where it would be unfair to let one litigant take advantage of his own improper actions.

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