What is the statute of limitations on credit crad balances?
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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 12 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.
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