What does the legal term “statute of limitations” mean?

A statute of limitations is a time period within which you must file a lawsuit. If you miss the deadline and the statute of limitations has expired, you will no longer be permitted to sue even if you have a legitimate claim. This is referred to as your claim being “time-barred.” Any compensation you may have been entitled to as a result of an accident or injury will no longer be collectable using the court system once the deadline has passed.