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The statute of limitations for any action is based on the cause of action or legal theory under which one is claiming. For instance, the statute of limitations in Alabama for fraud is 2 years, but for oral contracts it is 6 years. Thus, the question is not answerable, because it remains unknown what you would be suing for.
The amount in question determines whether or not it would go to small claims court.
The standard limit is 6 years for debts in Alabama, but is only 3 years for Open Accounts like credit cards. This is from the last communications by the debtor. They can file claim at any point during this time.
In Alabama embezzlement is a felony. As such there is a three year statute of limitations unless it is against the state, which is 6 years.