Debt Relief
Q. What is the statute of limitations on debt? What is invocation of prescription?
A.
Debt expires in 5 years, but you must formally notify the creditor. Any partial payment resets the clock.
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Under revised Civil Code (2020), debt prescribes in 5 years from when you could exercise the right (Art. 166). You must affirmatively invoke prescription (Art. 145) via written notice. Any partial payment resets the clock (Art. 152).
This article provides general legal information and does not constitute legal advice. For specific legal issues, please consult with a qualified attorney.
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