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James Kenneth Cameron's Answers

James Kenneth Cameron
Van Nuys Chapter 11 Bankruptcy Attorney.
Contributor Level 4

2

Attorney answers:

  1. Jonathan Gregg Stein
  2. James Kenneth Cameron

What is the statute of limitations for collecting on an overdue debt in CA

Asked by a user in San Francisco, CA - almost 4 years ago.

The California statutes of limitations start to run when you have defaulted on an obligation, not when you have incurred that obligation. Whether or not the debt has become "uncollectible" is, to me, not the relevant question. If you defaulted on a loan payment and since have not cured the default, the date of the default starts the running of the staute of limitations.

1 person marked this answer as helpful

2

Attorney answers:

  1. Jonathan Gregg Stein
  2. James Kenneth Cameron

Collateral loan

Asked by a user in Stockton, CA - almost 4 years ago.

The short answer is YES. You can sell the car and have the proceeds applied to the loan balance. OR you can pay off the loan balance without selling the car, and thereby recover the pink slip from the lender. The lender's rights do not change just because your brother has passed away (and my condolences for your family's loss). You have two clear options -- and so long as the car is worth more than the loan balance, you should not have any problem. I hope this answers your question and...