In all states, including Kentucky, there is a statute of limitations for different types of debt. This means that once that time period has passed, a creditor cannot take you to court to request that you pay for a debt. According to The Balance, you must prove the debt is passed the statute of limitations as the court system does not track it for you.

There are several categories that debt can fall into, and in most states, the statute of limitations is different for each. Most debts fall into the following categories:

  • Oral agreements, which are simply verbal promises to pay money back. With this type of debt there is rarely anything in writing.
  • Written contracts that are signed by both you and the creditor can be enforced even if they were written on a piece of scrap paper in your wallet. They must include certain conditions and terms, such as the monthly payment and the amount of the loan.
  • Promissory notes are also written agreements where you promise to pay debt back in certain installments or payments. These also include a date and time when the debt will be paid off and an interest rate. Student loans and mortgages are good examples of this.
  • Open-ended accounts such as in-store credit, credit cards and lines of credit are open-ended accounts. These accounts are considered open-ended because you can borrow money more than once.

In Kentucky, oral debts pass the statute of limitations at five years. Written contracts are enforceable for 10 years, promissory notes extend to 15 years and open-ended accounts have a five-year statute of limitations.

If you are overwhelmed with debt and think bankruptcy may be the right option for you, you may benefit from speaking to an attorney first. They can help you determine if your debt is passed the statute of limitations.

This is for educational purposes and should not be interpreted as legal advice.