Tennessee Commercial Collection Agency
Tennessee, like other states 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 Tennessee 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. Tennessee’s statute of limitations can range from one to 10 years depending on the nature of the case. (FindLaw.com)
In 2013, most of Tennessee residents earned incomes between 200 and 399 percent of the federal poverty level. The median annual household income was approximately $42,785. In September 2014, the unemployment rate in Tennessee was above the national average at 7.3 percent.
According to a report that was published in January 2014, Tennessee had a state debt of $41 billion. The state debt per capita was $6,358. 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, Tennessee was named the 9th best in the country in “taxpayer surplus,” a term used when states have a sufficient resource to pay their debt and how much each taxpayer would receive if the state disbursed their excess funds. In 2015, Tennessee had a taxpayer surplus of $1,300. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Tennessee’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF TENNESSEE COLLECTION LAWS*
INTEREST RATE
Legal: 10% – Judgment 10% (or contract rate, whichever is greater)
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct: 6 – Written Contract 6 – Domestic Judgment 10 – Foreign Judgment 10
GENERAL GARNISHMENT EXEMPTIONS
See federal law. Add $2.50 per wk. for dependent child under 16
* 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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