Legal Question in Credit and Debt Law in California
statute of limitations on uncollected commercial debt
A few years ago I purchased an automobile from General Motors. After a year the auto was repossed for non payment.
This debt is listed on my credit report. How long can GM go after me for this debt, or is there a statute on uncollected debts?
1 Answer from Attorneys
Re: statute of limitations on uncollected commercial debt
Thanks for your posting. There is a statute of limitations on an uncollected debt, and you can be sued for payment within four years for Goods or Services Sold On Open Book Account (Code Of Civil Procedure Section �337).
This is different from the time period that negative information can be put on your credit report, which is 7 years from the date of the last transaction.
I hope this helps, but email me at [email protected] if you have any questions related to this.
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