Florida Debt: The Basics

Statute of Limitations in Florida

The statute of limitations in Florida sets the maximum period of time, after certain events, that legal proceedings may be initiated. For debt, that statutes of limitation apply to the maximum period of time after the debtor has become delinquent on their account. Note that this means the period of time starts the day after you become delinquent. For example, if you last payment was on April 4, 2019 and your next payment was due May 4, 2019, the statute of limitations clock wouldn’t start running until May 5, 2019.

The statute of limitations vary from state to state and also depend on the type of debt and where the original transaction took place. In Florida, the statute of limitations are as follows:

• Oral Agreements: 4 years
• Written Contracts and Promissory Notes: 5 years
• Open Accounts (credit cards): 4 years

If you are unsure if your debts are still within the statute of limitations, it is recommended that you contact an agency that provides debt management in Florida.

Debt Settlement in Florida

Another form of debt relief in Florida is debt settlement. This is when a company that provides debt management in Florida negotiates with your creditors on your behalf to lower the principal amount of debts owed, and perhaps even lower the interest rate on those debts. Because this type of debt relief eliminates some of the debt you owe through debt forgiveness, this is a very appealing form of debt relief in Florida.

Take note that not all debtors qualify for this option. More often than not, a debtor will qualify for Florida debt consolidation programs (i.e. debt consolidation loans in Florida). By working with an agency that provides debt relief in Florida, you’ll be able to find out whether you qualify for debt settlement in Florida or debt consolidation in Florida.

Consumer Credit Counseling

Consumer credit counseling is when a debt relief agency provides a debtor with classes or counseling on how to better manage personal finances. The hope is that by going through credit counseling, a person will be able to better manage current debts but also keep them from getting into debt again in the future.

Credit counseling is often paired up with another option for debt relief, such as debt consolidation loans in Florida or debt settlement in Florida.

Bankruptcy in Florida

Filing for bankruptcy in Florida should be considered a last resort option. This is because the bankruptcy process can leave long-lasting negative effects on your credit score. Before starting the bankruptcy process, it is recommended that you first seek out the advice of a company that offers debt management in Florida. This agency, such as Debt Quest, will help you to first exhaust all other options for debt relief first, such as debt consolidation loans in Florida.

Filing for bankruptcy in Florida includes two common options, bankruptcy chapter 7 and bankruptcy chapter 13. When filing for bankruptcy in Florida, it is important to speak with a professional to understand your rights as a debtor, including what properties may be listed as exemptions under the laws of bankruptcy in Florida.

Getting a handle on mounting debts can be a very stressful situation. However by working with a company that provides debt relief in Florida, such as Debt Quest, you will have the peace of mind knowing that a caring and trained professional will help you through the process of debt management in Florida. That professional will analyze your personal debt situation and recommend the best course of action based off your unique situation, whether that option is debt consolidation in Florida, credit counseling, debt settlement in Florida or, as a last resort, the bankruptcy process. It is possible to become debt free in Florida.

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