What is the statute of limitations on debts in Florida?

Answer by  Dean (4035)

Debt is regulated by federal law. The SOL of a particular debt varies and can be affected by state law, but the collection of the debt is determined by federal law. An old debt can be pursued by scavenger collection agencies who are relentless and threatening. Research the matter online for specifics.

Answer by  Gabriel (2146)

There is no statute of limitations on debts. It is a contract between you and the payee and stands until you pay it or they chose to write it off.

Answer by  Jack56 (408)

Old debts in Florida cannot be legally collected after four years. The clock starts from the last time a payment was made (date of last activity) on these accounts.

Answer by  phoenix85 (366)

The statute of limitations only refers to the amount of time that you may be sued so that the debt may be resolved. For an oral contract or open-ended account, 4 years. Written contract or promissary note is 5 years.

Answer by  Mary (2095)

For a contract the limit would be five years. However, once a judgment is obtained it will last 10 years and can be reissued for another 10 years.