Is your Debt Too Old?

Statute of Limitations Florida Debt

 Debt Statute of Limitations in Florida.

 Beware: If you wait too long before filing suit to collect on your debt, you might be out of luck and the debt might be uncollectible. It doesn’t matter that the amount of money owed is in hundreds of thousands of dollars or that the person that owes you the money is very wealthy. If you do not file suit before the expiration of the statute of limitations period then the debtor has a defense to your suit. And if the debt is a consumer debt, our office will not file suit due to the client’s exposure for attorney fees and damages under the Fair Debt Collection Practices Act.

I don’t think a week goes by without one of our clients having a statute of limitations issue. We understand that clients dislike filing suit against somebody they may know and have done business with for years. We also understand that the clients want to avoid paying us to file suit. Regardless of the reason, if you wait too long you may be not be able to sue to collect the money owing.

The statute of limitations period is not always evident so, therefore ,DO NOT RELY ON THIS ARTICLE AS LEGAL ADVICE ON THE LIMITATIONS TIME PERIOD.

How long is too long? The General Rule is: If you have a contract the statute of limitations expires 5 years from the date of default. If you do not have a contract then the statute of limitations period is 4 years from the default date. There are numerous exceptions to the general statute of limitations rule that both shorten or increase the statute of limitations period in Florida. For example, if your contract states that the law of another state applies to your contract, you must refer to that state law in determining the statute of limitations period. In some instances the statue may be substantially shorter or longer.

Also certain other items affect the determination period. Bankruptcy, absence from the state, and payment may alter the statute of limitations period. A promise to pay or acknowledgment of a debt in writing may extend the statute. So our advice is simple: file suit on your debt sooner rather than later. If you have a debt you want collected through suit, give us a call and we can help determine the statute of limitations period. If you wish to review the Florida Statue that regulates the statute of limitations period, see Florida Statutes Chapter 95, Limitations of Actions and Adverse Possession.

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