Our experience has been that in most cases the amount of the deficiency is sufficient to outweigh any counterclaim. Therefore, in many instances we have seen the creditor get a judgment against the debtor for the deficiency amount, less the damages awarded to the debtor. We have been quite successful in collecting these judgments over the years. By the way, Florida also has a Replevin statute for the recovery of the collateral in the event the debtor refuses to return it. Enough about secured debts.
Most creditors have unsecured debts, such as credit cards, etc. that they wish to collect.
In Florida, creditors can bring suit on any debt that is founded upon a written instrument for a period of five years from the date of default. Naturally, creditors always fare better if they have a reasonable amount of documentation. Note that if the default date is more than five yeas before the time that you decide to bring suit, you may be able to bring it anyway, under some limited circumstances. For example, if the debtor defaults on the debt, then begins paying again and promises to pay, but then fails to do so, he or she may have tolled the statute, making it start over again. This varies, as each county has different fees, but by the time you pay the filing fee, the service fee, then record the judgment, it usually reaches this amount.