What is the statute of limitations on credit crad balances?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the statute of limitations on credit crad balances?
I have credit card balances but cannot pay them. How long a period of time can they come after me for the money owed?
Asked on June 14, 2012 under Bankruptcy Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
How long a creditor has to take legal action is defined by the "statute of limiations" for that cause of action. In Florida, the statute of limitations for a written contract (which is the applicable one--you would be sued for breaching the credit card agreement) is five years, which runs from when you first default, or fail to pay. However, the credit card company may be able to sue you in a different state--for example, in its home state, or in a state defined as the state for "venue" in the credit card agreement--in which case that state's statute of limitations would apply.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.