What is the statute of limitations for filing a lawsuit?

In Florida, the statute of limitations for filing a lawsuit against a debtor for non-payment of a debt is five years, according to Florida Statute 95.11. This time frame begins upon the date that the debt is due and payable, or is admitted or acknowledged by the debtor in writing. If the debt is secured or partially secured by collateral, the statute of limitations is four years. If the debt is a written contract, like a promissory note, the statute of limitations is five years from the date of default or the date of acceleration, if applicable. If the debt is in the form of an open account, such as a credit card debt, or a revolving line of credit, the statue of limitations is four years from the date of the last written acknowledgement or payment, if the debtor has made any payments on the debt. It is important to note that there is only a certain period of time in which legal action can be taken. After the statute of limitations has expired, the creditor is barred from filing a lawsuit against the debtor. This is why it is important for creditors to act quickly if the debtor has failed to make payments on a debt.

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