In California, the statute of limitations for open accounts such as credit cards is four years from the last date of payment -OR- the last date of use. The statute of limitations does not start over when the creditor sells or assigns the account.
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There is no single statute of limitations in California on unpaid debts, as debts may or may not be written, certain debts have their own statute of limitations, and the creditor may sue the debtor using certain causes of action in their complaint, but not others. Each cause of action has its own way of computing the statute of limitations.
Each debt has it's own limitations period depending on the nature of the debt, how it was documented, the payment history, any written promises, the last time credit was extended, and when the creditor declared the account in default. The creditor or a debt collector selling or assigning the debt has NO EFFECT on the statute of limitations.
Please take a look at my Blog entitled, Don't Pay a Dime Strategy, if you are interested in learning more about avoiding bankruptcy. I have it linked, below.
Robert Stempler (please see DISCLAIMER below)
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