WHAT IS THE PRESCRIPTION?
The prescription of a debt is a way to extinguish obligations, by the passage of time, and at the same time a sanction for the negligent creditor that does not charge within the time allowed by the law his credit.
Therefore, the statute of limitations establishes that, for the debtor of a credit after having spent an amount of time provided by law, and complying with the other legal requirements, it will be released from the debt without the need to pay it, and in turn will lose the creditor his right to collect.
WHAT TYPE OF DEBTS CAN I REQUEST THE PRESCRIPTION?
Prescription of check, bills of exchange and promissory note
The bills of exchange and promissory note have a statute of limitations of one year counted since the promissory note or bill of exchange has become enforceable.
Prescription of other common debts
Basic service debts follow the general rule of 5 years for the prescription of collection actions.
Municipal Commercial Patent Debt, prescribe in 3 years.
Municipal cleaning rights, the general rule regarding prescription applies, that is, 5 years.
Debts with highways or TAG, the general rule will also apply, that is, they prescribe in 5 years.
Debts with telecommunications services, also prescribe in 5 years.