Below you will find important information on Arkansas state debt recovery laws including: Arkansas Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.
- Legal: 6% of 5 points above the Fed. discount rate
- Judgment: Contract rate of 10% per annum, whichever is greater
STATUTE OF LIMITATIONS (IN YEARS)
- Open Account: 3 (except medical which is 2 years)
- Written Contract: 5 (partial payment stops the statute from running)
- Sale of Goods (UCC-2): 4
- Domestic Judgment: 10 renewable
- Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY)
Twice amount of check, prior to double charge, can start out with $25 charge per NSF check after 30 days.
GENERAL GARNISHMENT EXEMPTIONS
$500 head of family; $200 single. Includes personal property except clothing. Homestead Exemptions: 1/4 acre plus home in city (urban). 80 acres plus home is country (rural).