The statute of limitations on debt in Kentucky limits creditors and debt collectors from collecting a debt after a specific time period. Once the statute has expired the debt becomes legally uncollectible. Creditors and debt collectors may still pursue payment but you cannot be egally sued for the debt.
However, making a payment, acknowledging you owe the debt or making a written promise to ay the debt can renew the statute of limitations. Be careful when speaking with creditors and ebt collectors about old debt because they are aware you have no legal obligation to pay ebt that has passed the statute of limitations. *Disclaimer: The accuracy of this information is not guaranteed, heck your State's Statutes directly to ensure up-to-date information.
Oral Contract: 5 years
Written Contract: 15 years
Promissory Note: 15 years
Open-Ended Accounts: 5 years
Collection Agency Bond Required: No
Collection Agency License Required: No