Don't ignore a summons of a lawsuit from a debt collector. You should contact an attorney to find out your options for getting out of the debt. Or, you can defend yourself if you feel comfortable doing so.
If the statute of limitations has passed on the debt, it's up to you to use that defense when you go to court. If you have any proof of the last date of activity on the account, bring that evidence to court with you. Even though the statute of limitations may have passed, you're still responsible for the debt. However, in that case, the debt collector can't obtain a court judgment forcing you to pay the debt.
The credit reporting time limit has no effect on whether a collector can sue you. A debt collector can sue you whether the credit reporting time limit has passed or not.
