I keep seeing this term SOL and I don't know what this term means.. help.

Statute of Limitations - the time has ended for something

Correct, since you are posting in bankruptcy and debt it would be the legal length of time a creditor has to collect on a debt. For example, if I had not paid anything at all on my credit card debt for 7 years (varies state to state) then the credit company could no longer get a judgement in court forcing me to pay. Statute Of Limitations For Debts (http://www.cardreport.com/laws/statute-of-limitations.html)