Legal Question in Credit and Debt Law in Florida

Hi. I'm not sure what you mean by a federal requirement to write off a credit card debt - I don't believe there is any such requirement. However, there is a statute of limitations on collecting debts, which is generally 7 years. I collection company can try to collect money from you at any time. However, to obtain a judgment, they would have to sue you in court and win the case. If the debt they sued on was outside the statute of limitations period, that would be a defense you would raise to the suit.

We call them bottomfeeders. They buy debts of companies who "write off" the debt as being uncollectable. This does not mean that you cannot be sued for the debt. See a consumer lawyer if you are sued. Want to know the law? Sign up for our free newsletter on varies areas of the law by sending an email to [email protected] and requesting the newsletter, or go to www.ConsumerLawyerHelp.com

There are some defenses that can be raised to defeat these claims brought by companies that buy bad credit card debts.