Written Contract in Florida

I personally guaranteed a piece of computer equipment (automatic dialer) while doing business in the state of Florida. The business was shut down and I moved to N.C. Now a debt collector from N.C. is going to serve me. It has been over 3 years since the last payment on the equipment. Is there a statue of limitations in N.C. and does this pertain to N.C. law, where I currently live, or Florida law where the contract was entered in? I have been sent a letter to pick up the summons at the courthouse or a sheriff will serve me at my home.It is a civil summons (should be under 10,000) but the letter from the collector states I owe 80,000.What are my rights? My ex filled BK so he is out of it and I didn't.
Thank you

Comments for Written Contract in Florida

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Nov 26, 2010

statute of limitations on business debt
by: Gerri

Since this is a business debt and not a personal debt, the federal Fair Debt Collection Practices Act does not apply here. (Generally under the FDCPA a debt collector can sue you either in the state in which you live, or the state in which you signed the contract.)

Given the amount of money involved here - $80,000 plus interest/attorney fees - it is essential that you get advice from an attorney about your rights.

You can talk with an attorney who is experienced in business debt issues (visit Naca.net to find an attorney). It may also make sense for you to talk with a bankruptcy attorney to find out whether you need/can consider going that route if you are unable to pay this debt.

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