# Statute of Limitations

*Regulation & Compliance — Finicade finance glossary*

A statute of limitations sets how long after an event a legal claim can be brought. For consumer debt it typically runs three to six years, after which a creditor can still ask but cannot successfully sue. The trap is revival: in many jurisdictions a single partial payment or written acknowledgement restarts the clock entirely on a debt that had become unenforceable.

**Also known as:** limitation period, time-barred debt

**Related terms:** [Debt Collection](https://finicade.com/glossary/debt-collection), [Charge-Off](https://finicade.com/glossary/charge-off), [Class Action](https://finicade.com/glossary/class-action), [Enforcement Action](https://finicade.com/glossary/enforcement-action), [Delinquency](https://finicade.com/glossary/delinquency)

Source: https://finicade.com/glossary/statute-of-limitations