The statute of limitations is the total time period that a creditor has, with respect to debt collection, to file a lawsuit for a delinquent debt.
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But it is also possible that once the statute of limitations expires, a consumer may still be slapped with a lawsuit.
A consumer may have a lawsuit dismissed, once the statute of limitations runs its course, on its basis. But it is most likely that the collection process won’t stop by writing a letter to the collection agency regarding the statute of limitations.
