What is limited years for collection?

Answer 1

Limited years for collection, often referred to as the statute of limitations, is the maximum period during which a creditor can legally pursue debt collection through the courts. This timeframe varies depending on the type of debt and jurisdiction, ranging from a few years to over a decade. Once the statute of limitations expires, the debtor can no longer be sued for that debt, although the creditor may still attempt to collect it outside of legal action. It’s important for both creditors and debtors to be aware of these timelines to understand their rights and obligations.