Commercial Debt Collection in Fort Worth
Located in northern Texas and very close to Dallas is Fort Worth, which covers approximately 350 square miles. According to the 2022 United States census, Fort Worth’s population is more than 955,000, making it the 5th largest city in Texas and the 13th largest city in the US.
Fort Worth History
In the 19th century, Fort Worth was originally established as an army outpost overlooking the Trinity River and protecting the American Frontier. Fort Worth was created with 6 other forts to protect Texas settlers, with the others including:
- Fort Graham
- Fort Gates
- Fort Croghan
- Fort Martin Scott
- Fort Lincoln
- Fort Duncan
Eventually Fort Worth became the leading fort for protection and further upgrading. In the later parts of the 19th century, the Texas and Pacific Railway was completed to Fort Worth. This contributed to the success of the city’s stockyards and cattle wholesale trade.
With the influx in oil drilling in the 20th century, Fort Worth was at the center of the process by advancing in drilling technology and expanding vast natural gas reserves. In the 21st century, Fort Worth has become one of the fastest-growing cities in the US.
For the past 100+ years, several major companies have headquartered in Fort Worth, including:
- American Airlines Group
- John Peter Smith Hospital
- Pier 1 Imports
- Pioneer Corporation
- Cash America International
- GM Financial
Fort Worth has recently been ranked for several exceptional awards such as Forbes’ list of “Best Places for Business and Careers (2013) and ranked 18th for Fortune’s “Best Cities for Hispanic Entrepreneurs.” In addition, the city has ranked 18th on the US News & World Report’s list of “125 Best Places to Live in the USA.”
B2B Collection Laws
How does Fort Worth stand with commercial debt collection? As the US economy and cattle trade industries have evolved, how has this affected the economy in Fort Worth? As businesses struggle to pay back debt to creditors, it’s important to note the important state and city commercial debt collection laws in place.
Statute of limitations
- Open accounts: 4 years
- Written contracts: 4 years
- Promissory note: 6 years
- Domestic judgments: 10 years (renewable)
- Foreign judgments: 10 years (renewable)
General garnishment exemptions
- 100% of wages
- Legal: 18% with agreement, 6% without agreement
- Judgment: 5.5%
For more information on PSI’s B2B collection law services, visit our services page.