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Statute of Limitations in Debt Collection
The law is usually on the side of the diligent creditor. Each state has laws defining the period during which a creditor may file a lawsuit to collect a delinquent balance from a debtor. Your attorney will be able to tell you the statute of limitations in the states in which your company does business. One additional comment: The statute of limitations may work in a trade creditor's favor if they are working on a customer's post audit claim.
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