Commercial Debt Collection in Virginia Beach
Located in the southeastern coast of Virginia is Virginia Beach, the fifth most populated city in the state and 42nd largest in the United States. In 2020, Virginia Beach had a population of almost 460,000 and covers approximately 497 square miles.
History of Virginia Beach
Much like many other cities in the U.S., the Virginia Beach region was originally home to the Chesepian indigenous people from before the 17th century. In 1607, explorers from England landed on Virginia Beach and named it Cape Henry, after the current Prince of Wales (Henry Frederick).
In 1634, the region was divided into 8 different counties of Virginia. One of the main counties from which the Virginia Beach region was in divided in 1638 to be the Upper Norfolk County and the Lower Norfolk County.
For the next few centuries, the region became a tourist-driven area with the construction of the Virginia Beach Hotel and resort area. There was also a railroad created in the area for product and goods transportation.
Virginia Beach was officially incorporated into the U.S. in 1906 and grew in popularity to become seasonal vacation spots for Americans.
Virginia Beach Economy
Several major companies have headquartered in Virginia Beach over the years including: Amerigroup, the Christian Broadcasting Network, Operation Blessing International, Busch Vacuum Solutions, Stihl, and more.
However, the largest driver of income to the city is tourism, which has brought in an estimated $857 million to the city. In addition, almost 15,000 jobs are dedicated in Virginia Beach to cater to 2.75 million city visitors.
Commercial Debt Collection Laws
For businesses struggling with credit issues (whether paying or being paid debt amounts) there are several commercial debt collection laws in place to help with the issues.
Interest Rate: Legal: 6% maximum
Statute of Limitations (yrs):
- Written Contracts: 5 years
- Open Accounts: 3 years
- Oral Contracts: 3 years
- Implied Contracts: 3 years
- Judgments: 10–20 years
Bad Check Laws (Civil Penalty):
- Amount due plus possible 5 years in prison and fine of $2,500.
General Garnishment Exemptions:
- Wage protection is of 75% of disposable weekly earnings after tax income, or 30 times the federal hourly minimum wage
Contact Prestige Services, Inc.
For the fourth consecutive year, Prestige Services, Inc., has been named the best B2B Collection Agency of the year. Our exceptional services include free quotes, skip tracing, post-judgment collections, final-notice forms, and pre-collection services.
For more information on commercial debt collection laws in other states, visit our State Laws page.