Feb 1, 2024

Commercial Debt Collection in Madison

Nestled between the Mendota and Monona scenic Wisconsin lakes is Madison, a city of almost 270,000 residents. Known for its progressive spirit, Madison has evolved into a hub of innovation and inclusivity, earning it the title of one of the best places to live in the United States.

Commercial Debt Collection Laws

In Madison, the commercial debt collection laws were established by the Wisconsin legal system to provide helpful navigation and general fairness for businesses struggling with commercial debt. The established legal interest rate is 5 percent and the judgment interest rate is 12 percent.

The statute of limitations in Madison include:

  • Open Accounts: 6 years
  • Written Contracts: 6 years
  • Domestic Judgments: 20 years
  • Foreign Judgments: 20 years

Regarding the laws for bad check placements, the payback is the amount of the bad check plus actual damages and exemplary damages up to three times the value of the check. However, there is a limit of $300.

For more details on commercial debt collection laws in and around Madison, visit our Wisconsin Collection Laws page.

Education & Culture

Madison is perhaps best recognized as the home of the University of Wisconsin–Madison, a world-renowned institution that has shaped the city’s character and contributed significantly to its intellectual vibrancy. Established in 1848, the university has grown to become a prestigious center of education and research. Its influence extends beyond the campus, fostering a culture of curiosity, innovation, and academic achievement that permeates the entire city.

Madison boasts a diverse and thriving cultural scene that caters to a broad spectrum of interests. The Overture Center for the Arts, a premier cultural venue, hosts a variety of performances, including Broadway shows, concerts, and art exhibitions. The city’s commitment to the arts is further exemplified by the Madison Museum of Contemporary Art, which showcases a dynamic collection of modern and contemporary works.

The vibrant atmosphere is not limited to formal cultural institutions; State Street, a bustling pedestrian thoroughfare, is lined with eclectic shops, cafes, and street performers, creating a lively ambiance that invites both locals and visitors to immerse themselves in the city’s creative energy.

Outdoor Recreation

Madison’s natural beauty is one of its defining features. The city is adorned with an extensive network of parks, bike trails, and waterfront areas that provide residents with ample opportunities for outdoor recreation.

The University of Wisconsin Arboretum, a 1,200-acre nature reserve, offers a peaceful retreat for hiking, bird-watching, and botanical exploration. The Lakeshore Path, meandering along the shores of Lake Mendota, is a popular route for joggers and cyclists, providing breathtaking views of the water and surrounding landscapes.

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Explore our Services page to learn how Prestige Services, Inc., can help your business overcome commercial debt challenges!

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