Time-Barred Debt

A lot of crimes have statutes of limitations. You can’t go to jail for a fishing license violation you committed 20 years ago (tell your Aunt Harriet she can come out of hiding).

Time-barred debt is the financial equivalent of that concept. It represents debt that is so old that no one can come after you for it. It's a statute of limitation for debt. You still technically owe the money, but the lender can't take you to court over it.

The rules change from jurisdiction to jurisdiction, but for something like credit card debt, the limit is often somewhere in the range of three to ten years.