bankruptcyinstruction

What is the statue of limitations for Arizona regarding bad credit against someone?  7 years?  We have a judgment against us that is 5 years old and is not paid.  Is it true that in 2 years they can no longer collect it and it must be removed from our credit report?

There are a number statutes of limitations in Arizona for various kinds of debt.  Here are a few:

1.Contract in writing for debt.  Since creditors require a written agreement, this limitation would apply to most debt.  An action for debt evidenced by or founded upon a contract in writing must be commenced within 6 years from the time that the cause of action accrues.  [A.R.S. ?2-548]  The 6 years does not start at the time that the loan is made.  It starts on the date that the payments are due--either the date that the final payment is due [Cheatham v. Sahuaro Collection Service, Inc., 118 Ariz. 452, 577 P.2d 738 (App. 1978)], or the date that each payment is due [Navy Federal Credit Union v. Jones, 187 Ariz. 493, 930 P.2d 1007 (App. 1996)].
If this statute is applied in the case of credit card debt, this could be a very, very long time.  The minimum payment required for a credit card may not require that the final payment be made for 10, 15 or more years.  Following the second case, you could still be sued for 6 years after the final payment was due.
2.Oral Debt.  Where there has been no written agreement or evidence of the debt, suit must be commenced within 3 years, usually measured from the date that the debt was incurred.  [A.R.S. ?2-543(1)]
3.Leases.  An action for default under a lease, including breach of warranty or indemnity, must commence within 4 years after the cause of action accrues.

Referred from: (http://www.doney.net)