It stands for statute of limitations which is the time period allowed depending on what State you live in and what type of debt you have that the creditor can take you to court and be awarded a judgment.
After the S.O.L. has passed, you can still be sued but all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.
Below is a link where you can look up your State and see what the S.O.L. is for all types od debt.
http://www.bcsalliance.com/index.html
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