North Carolina Commercial Collection Agency
North Carolina, 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 North Carolina 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. North Carolina’s statute of limitations can range from one to 10 years depending on the nature of the lawsuit. (FindLaw.com)
It was reported in 2013 that the median annual household income in North Carolina was $44,254. Approximately 19 percent of North Carolina’s residents earned incomes below 100 percent of the federal poverty level, the largest rate among surrounding states.
In 2014, it was reported that North Carolina had a state debt of approximately $107.6 billion. The state debt per capita was $11,032. 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 September 2015, North Carolina was ranked as the 23rd 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. During that time, North Carolina had a taxpayer burden of $8,400. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within North Carolina’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF NORTH CAROLINA COLLECTION LAWS*
INTEREST RATE
Legal: 8% – Judgment 8%
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 3 – Sale of Goods 4 – Written Contract 3 – Domestic Judgment 10 – Foreign Judgment 10
BAD CHECK LAWS (CIVIL PENALTY)
30 day written demand lesser of $500 or 3x check amount, but not less than $100
GENERAL GARNISHMENT EXEMPTIONS
100% of last 60 days’ earnings for family support. Garnishment only by political subdivisions for taxes, ambulance fee, ect.
* 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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