Commercial Debt Collection in Oklahoma City
Oklahoma City (OKC) is the capital of Oklahoma and one of the largest cities in the United States. Home to more than 650,000 residents in the city limits and almost 1.4 million in its metro area, Oklahoma City has bolstered a fluctuating economy in recent years. (Wikipedia)
Early in its history, Oklahoma City was a regional power center for government and energy companies. In 1928, there was a significant discovery of oil within the OKC city limit; combined with the post-WWII-war growth, this amped up the city’s economic output and revenue.
As the years passed, Oklahoma City has undergone redevelopment projects and pursued countless investments. After the city’s bombing incident 1995, the Oklahoma City suffered substantial losses of revenue and economic improvements.
In recent years, Oklahoma City has seen an increase in large corporation growth and is headquarters for two Fortune 500 companies. Some of the top companies headquartered in OKC include Chesapeake Energy, Devon Energy, Integris Health, Hobby Lobby Stores, Sonic Corp., and The Boeing Company. The influx in large companies to OKC has increased the city’s gross metropolitan product (GMP) to $73.8 billion in 2016 (Wikipedia).
Despite the growing economy in recent years, the pandemic of 2020 has hit Oklahoma City especially hard. According to OK.gov, overall state gross revenue dropped 14 percent for May 2020 compared to May 2019. The industries hit the hardest for 2020 in OKC include the energy, performance, transportation, and tourist-based industries; which are conveniently some of the most-grossing industries for the city (Brookings.edu).
Is your OKC business struggling with commercial debt issues from the 2020 pandemic? Prestige Services, Inc., offers excellent and efficient commercial debt collection services in Oklahoma and bolster effective collection rates for Oklahoma City.
For information on your city’s commercial debt collection laws visit our list of laws or review the laws summary below:
- Statute limitations: 3 years for open accounts and 5 years for written contracts, domestic and foreign judgments, and the sale of goods governed by UCC
- General garnishments: 75 percent of earnings exempted