New Jersey Commercial Collection Agency
New Jersey, like every other state in the U.S., has statute of limitations and various other laws that help determine a deadline when it comes to filing a lawsuit or other civil actions. This page will provide information related to New Jersey including: state economy, unemployment rate, state debt and statute of limitations. All information included is provided by recent case studies or other industry experts.
Statute of limitation laws are mandatory time limits that the legal system put into place to provide a general fairness and practicality when it comes to filing a lawsuit. New Jersey’s statute of limitations can range from one to 20 years depending on the nature of the lawsuit. In New Jersey, the statute of limitations on collection of debt on accounts is six years and collection of rent is 16 years. (FindLaw.com)
In January 2014, New Jersey had a state debt of roughly $213.9 billion. The state debt per capita was $24,134. This state debt was determined after reviewing four components: market-valued unfunded public pension liabilities, outstanding government debt, unfunded other post-employment benefit liabilities and outstanding unemployment trust fund loans. When compared to surrounding states, New Jersey had the smallest portion of residents that earned incomes below 100 percent of the federal poverty line. In September 2014, New Jersey had the highest median annual household income of $65,321. (Ballotpedia.org)
In 2015, New Jersey was ranked as the worst in the country in “taxpayer burden,” a term used when describing how much money each taxpayer would need to send to their state’s treasury office in order for the state to become debt-free. In September 2015, New Jersey had a taxpayer burden of $52,300. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within New Jersey’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF NEW JERSEY COLLECTION LAWS*
INTEREST RATE
Legal: up to 30% – as provided for by contract – Judgment changes yearly. In 2005 – 1% on judgments up to $15,000. On judgments in excess of $15, 000, an additional 2% is added to the interest rate.
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Sale of Goods 4 – Written Contract 6 – Domestic Judgment 20 – Foreign Judgment 20
BAD CHECK LAWS (CIVIL PENALTY)
Face amount of the check plus 3x the face value of the check, with the civil penalty not to exceed $500.
GENERAL GARNISHMENT EXEMPTIONS
$154.50 wk. min. 10% of gross earnings $154.50 & Over
* These are not comprehensive statutes and therefore PSICollect.com and Prestige Services, Inc. disclaims any liability resulting from reliance by any party upon the legality and accuracy of the contents thereof.
Below is a list of the states in the US that we cover.
We are a nationwide operation and service all states, as well as Canada & Mexico.
