Is there statute of limitations for collecting money owed

There is a statute of limitations on every civil cause of action.  In Maryland, the general statute of limitations for breach of contract is 3 years from the breach.  However, if the contract is under seal, the period is 12 years from the breach.  In cases like this, a debtor's acknowledgement of the debt (it may have to be in writing) may revive the limitations period.  For example, if the debtor texted you in 2013 that he/she would pay you back the remaining amount, you would have 3 years to sue from the date of that text.