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***Statute of limitations in California***
Oral debt statute of limitations — 2yrs
Oral debt is just what it sounds like, you agreed out loud and nothing was in writing.
Written debt statute of limitations — 4yrs
When considering written debt, think of contracts. Both parties are named, they each agree to do something (for example, to buy and sell something). There could be terms, conditions, amounts, and interest rates. And honestly, it doesn’t even matter how informal it is. A contract could be handwritten . . . at a pub . . . on a stained napkin.
#couldbeacontract
Promissory debt statute of limitations — 4yrs
A promissory debt should have you picturing a mortgage. This is a written promise to pay money back according to a certain schedule, in certain increments, and with a certain interest rate.
Open debt statute of limitations — 4yrs
Open debt are revolving accounts. Something you can take from and pay back in an open-ended way. In-store credit offerings are a classic example
Credit Card debt statute of limitations — 4yrs
Mastercard, Visa, Discover, and American Express. You know the drill.
Court Judgements statute of limitations — 10yrs
If you had one of the above-mentioned kinds of debt, and someone took you to court and got a judgement, there is might be a statute of limitations on the judgement itself.
California’s statutes of limitations are generally low, except for judgments
California State
Oral — 2yrs
Written, Promissory, Open, Credit Card — 4yrs
Judgements — 10yrs
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