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Business Debt/Time limit on collecting a business debt

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Expert: - 1/31/2007


Question
Hi there;
A good friend of mine has some old invoices to collect on from customers that are almost 3 yrs old. They were for delivery of dairy products to restaurants & stores in California.
How long does he have to collect the debts?
Thanks.

Answer
Tia:
Thank you for taking time to ask such an important question on behalf of your friend, she is truly fortunate to have people around her with her best interest at heart! According to the Fair Debt Collection Practices Act the statute of limitations for the State of California is as follows:
Written Agreements: Four years
Oral Agreements: Two years
If your friend had issued written invoices for goods or services she provided and received any payment on that invoice that statute would apply from the last payment date. If you would like more information you can visit the Federal Trade Commission website:http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm
Hope this answer provides the insight you were looking for. I encourage you to rate this answer if you found it helpful.
Respectfully,
Christine Janklow

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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