Sorry to tell you this. SOL has nothing to do with debt absolvement or barring collection attempts for a debt.  Debts don't magically go away with time. What a SOL does is time bar taking you to court to sue, receive a judgement, etc.

A statute of limitations is an enactment in a common law legal system that sets the maximum time after an event that legal proceedings based on that event may be initiated. In civil law systems, similar provisions are typically part of the civil code or criminal code and are often known collectively as periods of prescription.

from: http://en.wikipedia.org/wiki/Statute_of_limitations