Vermont Commercial Collection Agency
Like every other state in the United States, Vermont has statute of limitation laws and other various laws that help determine a deadline for filing a lawsuit or other civil actions. This page will provide information related to Vermont 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. Vermont’s statute of limitation laws can range from three to 14 years depending on the nature of the case. (FindLaw.com)
In 2014, Vermont’s state debt was approximately $7.9 billion. The state debt per capita was $12 566. This state debt was calculated based market-valued unfunded public pension liabilities, outstanding government debt, unfunded other post-employment benefit (OPEB) liabilities, and outstanding unemployment trust fund loans. (Ballotpedia.org)
According to a report that was published in 2013, Vermont was named the 13th 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 the number of unfunded retirement benefits included in the debt, Vermont’s state debt climbed to $3.2 billion, or a taxpayer burden of $14,300. (Ballotpedia.org)
In 2013, the median annual household income for the state of Vermont was $56,175. Vermont also had the lowest unemployment rate that year at four and a half percent. (Ballotpedia.org)
Prestige Services, Inc. (PSI) works to ensure quality debt collection that works within Vermont’s collection laws whether that means staying up to date on collection licenses, industry news, and economy data within the state.
SUMMARY OF VERMONT COLLECTION LAWS*
Legal: 12% – Judgment 12%
STATUTE OF LIMITATIONS (IN YEARS)
Retail Installment Contracts 3 – Witnessed Promissory Note 14 – Open Acct: 6 – Written Contract 6 – Domestic Judgment 8 – Foreign Judgment 8
BAD CHECK LAWS (CIVIL PENALTY)
Court costs, amount of check, attorney’s fees, damage of $50. (Notices required)
GENERAL GARNISHMENT EXEMPTIONS
75% of earning above minimum wage or what is necessary to live. 85% if personal, family or house held debt.
* 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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