What are the Statutes of Limitation on a debt?

There are laws that require suit to be filed within a certain number of years after the creditor had a right to sue, or after default. If you made a payment on a debt whose statutes of limitation is about to expire, it can re-start the statutes of limitations period.

Virginia Statutes of Limitation:

• Open account: 3 years from the last payment or last charge for goods or services rendered on the account.
• Written contracts (non-UCC): 5 years.
• Sale of goods under the UCC: 4 years.
• Virginia Judgments: 10 years, and renewable (extended) to 20 years.
• Foreign judgments: 10 years.