SUMMARY: Find the right program for debt relief in Florida. This article gives you essential facts about debt collection and debt resolution strategies in Florida.
How Long Does a Creditor Have to Collect a Debt in Florida?
Plenty of creditors or debt collectors in Florida file a lawsuit against a consumer even after the statute of limitations has expired on the case. Some, though, file the lawsuit out of ignorance. They’re not sure when the statute will expire because of poor records or lack of them. Some still move ahead, confident that the consumer won’t bother to defend him/herself. Any of these situations could describe you and your situation. If you have debts, knowing how long the limitation period lasts will help.
Collecting on a Debt
The Fair Debt Collection Practices Act (FDCPA) keeps collectors from taking any action to collect on a debt once the statute of limitations has expired. For that to be the case, you must go beyond five years. That is the standard period in contracts for mortgage foreclosures.
Statute of Limitations
In Florida, the statute of limitations differs from one type of debt to another. For instance, for written contracts like personal loans, the statute of limitations is five years, as stated above. However, for other debts, the statue is shorter. Oral contracts, as well as revolving accounts like credit cards, have a statute of limitations of four years.
Determine the date when the last element of the cause of action happened. That's when the limitation period starts. The limitation period is stopped when the debtor is absent from the state, as well as every time a voluntary payment on the debt has been made.
Beyond the Limitation Period
When the debt is past the limitation period, the lender can no longer file a lawsuit to collect money from you. Knowing this bit of information is crucial when you consider debt resolution plans and strategies.
Reviewing the Case
Find out what your options are. Get in touch with a lawyer to help you understand your situation better. With the help of an experienced attorney, you’ll get the information you need to decide.
There are plenty of resources that you can try. However, for sound advice, reach out to companies that provide you with credit counseling agencies. Make an appointment, so you can get a professional assessment regarding your situation. That conversation will help you get a better handle on what’s happening, what your financial position is, and what will happen to you.
Getting a Lawyer
Not all debt resolution cases require the help of a lawyer. However, handling the case right from the start will ensure fewer problems and less stress for you. If you’re not quite certain how to go about paying your debts, or you want to find a program for debt relief in Florida that fits your needs, talk to a lawyer. Getting legal help is also ideal if you find yourself hounded by non-stop calls from your creditor or lender. As a consumer, you have rights. You are entitled to a stress-free debt resolution. Your lawyer can step in and fix that problem. S/he can also negotiate for lower interest rates. When you hire one, choose a legal counsel with experience in handling debt resolution cases.