Can debts be forgiven after a certain period of time?

In California, many debts can be forgiven after a certain period of time. This is known as the Statute of Limitations (SOL). The SOL is a state law that sets a limit on how long a creditor can pursue a debt. Generally, the SOL for most debts in California is four years; however, certain debts such as wages, taxes, home loans, and student loans have longer SOLs. Once the SOL has expired, the debt essentially becomes “uncollectible,” meaning that the creditor has lost the legal right to pursue the debt. Even after the SOL has expired, the debt still remains on the debtor’s credit record. However, it is important to note that the creditor may still attempt to collect the debt, but the debtor cannot be sued for it. If a creditor does attempt to collect the debt, the debtor should protect their rights by consulting a debt collection lawyer. A lawyer can provide advice about the SOL and any other rights the debtor may have under California law.

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Can debts be forgiven after a certain period of time?

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