New York Commercial Collection Agency
New York, like every other state, 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 York 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 York’s statute of limitations can range from one to 20 years depending on the nature of the lawsuit. The statute of limitations on collection of rents and debt on an account is six years. (FindLaw.com)
Between 2011 and 2013, the median annual household income in New York was $51, 962. New York had an unemployment rate of 6.2 percent, just slightly higher than the national average during that time period. (Ballotpedia.org)
In January 2014, it was reported that New York had a state debt of approximately $387 billion. The state debt per capita was $19,799. 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. (Ballotpedia.org)
In 2015, New York was ranked as the 8th 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. The taxpayer burden in New York in September 2015 was $20,700. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within New York’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF NEW YORK COLLECTION LAWS*
Legal: 16% – Judgment 9%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Sale of Goods 4 – Written Contract 6 – Domestic Judgment 20 (10 yr. renewable lien) – Foreign Judgment 20 (10 yr. renewable lien)
BAD CHECK LAWS (CIVIL PENALTY)
Face value of check plus two times check amount up to a maximum of $400 on NSF or $750 on “no account” (Demand prescribed by law). GEN.OB.1.1-104.
GENERAL GARNISHMENT EXEMPTIONS
90% of earnings, except 1st $154.50 wk. wholly exempt (only if the person earns minimum wage).
* 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.
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