Texas Commercial Collection Agency
Texas, like every other state in the United States, 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 Texas including: state economy, unemployment rate, state debt and statute of limitations. All information included is provided by recent case studies or other credible resources.
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. Texas’ statute of limitations can range from one to five years depending on the nature of the case. (FindLaw.com)
Between 2011 and 2013, the median annual household income in Texas was projected at $51,752, the highest among surrounding states. Texas also had the largest portion of residents that earned incomes above 400 percent of the federal poverty level in 2013. (Ballotpedia.org)
In 2014, Texas had a state debt of roughly $340.9 billion. The state debt per capita was $13,083. According to a 2015 report, Texas was ranked as the 24th worst in the country in “taxpayer burden,” a term that is used to describe how much every taxpayer would need to send their state’s treasury for the state to become debt-free. With all of the unfunded retirement benefits included in the total debt, the state was short $6.2 billion, or a taxpayer burden of $8,300. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Texas’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
Check Laws by Cities in Texas
SUMMARY OF TEXAS COLLECTION LAWS*
INTEREST RATE
Legal: 18% with an agreement; can charge up to 6% without agreement – Judgment 5.5% (effective 4-15-05)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct:4 – Written Contract 4 – Promissory Note 6 – Domestic Judgment 10 renewable – Foreign Judgment 10 renewable
BAD CHECK LAWS (CIVIL PENALTY)
N/A
GENERAL GARNISHMENT EXEMPTIONS
100% of Wages
* 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.
