The Florida Statute of Limitations for debt sets the maximum time frame within which a creditor can initiate legal action to collect a debt. Once this time frame expires, the debt is considered time-barred, and the creditor can no longer sue to collect it. The statute of limitations for debt varies depending on the type of debt and the circumstances of the case.In Florida, the statute of limitations for most written contracts is five years. This means that a creditor has five years from the date the debt became due to file a lawsuit to collect the debt. If the debt is not in writing, the statute of limitations is four years.There are some exceptions to these general rules. For example, the statute of limitations for debts secured by real property is seven years. The statute of limitations for debts owed to the government is also seven years.It is important to note that the statute of limitations does not extinguish the debt itself. It simply bars the creditor from taking legal action to collect the debt. If a debtor is sued on a time-barred debt, they can assert the statute of limitations as a defense.The statute of limitations for debt is an important consumer protection law. It helps to ensure that debtors are not harassed by creditors indefinitely. It also provides debtors with an opportunity to get their financial affairs in order and to repay their debts without the threat of legal action.
The statute of limitations for debt is a complex area of law. If you have any questions about the statute of limitations, you should consult with an attorney.