Below you will find important information on New Jersey state debt recovery laws including: New Jersey Statutes, Judgments, Garnishments, Interest Rates, and Bad Check Laws.
STATE: NEW JERSEY
- Legal: up to 30% – as provided for by contract
- Judgment: Changes yearly. In 2007 – 4% on judgments up to %15,000. On judgments in excess of $15,000, an additional 2% is added to the interest rate.
STATUTE OF LIMITATIONS (IN YEARS)
- Open Account: 6
- Sale of Goods: 4
- Written Contract: 6
- Domestic Judgment: 20
- Foreign Judgment: 20
- Auto Deficiency: 4
BAD CHECK LAWS (CIVIL PENALTY)
Face amount of the check plus 3x the face value of the check, with the civil penalty not to exceed $500.
GENERAL GARNISHMENT EXEMPTIONS
$154.50 week min. 10% of gross earnings $154.50 & over.