What is the statute of limitations on debts?

In Florida, the statute of limitations on debts is generally four years. This period of time is set by law and is the amount of time a creditor has to commence a lawsuit in order to collect a debt. After four years from the date of the last payment or acknowledgement of the debt, the creditor loses the ability to sue to recover the debt. This does not mean that a debt disappears after four years; it just means that the creditor no longer has the legal right to sue. The statute of limitations does not apply to all debts. Federal student loans, taxes, or other obligations held by the government, alimony, or child support payments are generally not subject to a statute of limitations. Also, creditors can extend the period of time they have to collect by filing a lawsuit against the debtor or entering into a written agreement for repayment with the debtor. Though the statute of limitations might give you a false sense of relief, creditors can still contact you to try to collect the debt. It is important to consult an experienced lawyer to better understand the statute of limitations and how it applies to your particular situation.

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What is the statute of limitations on debts?

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