Can creditors take action to collect a debt after the statute of limitations has expired?

In New York, creditors cannot take action to collect a debt after the statute of limitations has expired. The statute of limitations is a set period of time that creditors are allowed to pursue legal action to collect a debt. After this time has passed, creditors do not have the right to take action to try to collect the debt. However, if the debtor makes a payment or admits to owing the debt, the statute of limitations may be extended. This means that the creditor can then take legal action to try to collect the debt. Therefore, creditors cannot take action to collect a debt after the statute of limitations has expired unless the debtor makes a payment or admits to owing the debt. This is important to understand, as it means that creditors cannot pursue legal action against a debtor past the statute of limitations. It is important to note that the statute of limitations is different depending on the type of debt and the state the debt is in. In New York, the statute of limitations for written contracts is six years, while the statute of limitations for open-ended accounts is three years. It is important to be aware of the statute of limitations, as it limits how long a creditor can legally pursue legal action to collect the debt.

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Can creditors take action to collect a debt after the statute of limitations has expired?

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