Recent reports have revealed that an alarming number of Americans have some form of debt hanging over their heads. If you're one of them, you should try to pay off this debt as quickly as you can to regain your financial freedom.

You should also be aware of the debt statute of limitations by state. When people hear the words "statute of limitations," they often associate them with crime and criminal codes. But a statutory limitations period can also apply to debt.

The statute of limitations for debt will typically start the second you miss a debt payment. It will then end at a certain point and your debt will turn into a time-barred debt. At this point, a creditor will no longer be able to take legal action against you to try to force you to repay a debt.

Learn more about the debt statute of limitations by state below.

The Statute of Limitations for Debt Is Usually 3 to 6 Years

More often than not, the statute of limitations for debt in most states is going to be somewhere between 3 to 6 years. This is true in states like Arizona, California, Florida, Maryland, New Jersey, Pennsylvania, Texas, Virginia, and others.

If you live in one of these states, you might hear from creditors for up to 6 years about any unpaid debts you have. You might also be threatened with legal action.

Additionally, you yourself will be able to try to chase people down for any debts they might owe you during this statuary limitations period. You can work with a demand letter service to send a demand letter in their direction.

But after you get past the 6-year mark, you won't have a legal obligation to pay back a debt or collect one. A creditor will no longer be able to get a judgment against someone who owes them money.

It Can Be 10 to 20 Years in Certain States

While the statute of limitations for debt often falls in the 3- to 6-year window, there are certain states that have much longer periods. In fact, some states have statutes of limitations for debt that last for 10 to 20 years.

Illinois, Indiana, Iowa, Kentucky, Louisiana, and Maine are some great examples of this. You might not be able to shake creditors for decades if you live in one of these places.

You Can Find Out the Statute of Limitations by State Fast

For a long time, figuring out the statute of limitations by state for debt was tricky. This information wasn't always readily available.

But you should be able to find out what the statute of limitations for debt in your state is by conducting a simple Google search. It'll let you know what the statutory limitations period for debt is in your specific state at this time.

Be Sure to Monitor the Statute of Limitations for Debt

If you're either in debt or owed a debt, you should have the statute of limitations by state on your radar. It'll paint a clearer picture of how long you'll have to fight off creditors. It'll also give you the inside scoop on how quickly you'll need to work to collect a debt.

Read more informative articles on debt by poking around on the rest of our blog.