Showing posts with label Debt State Statutes in Michigan. Show all posts
Showing posts with label Debt State Statutes in Michigan. Show all posts

Sunday, January 1, 2012

Debt State Statutes in Michigan

WAGE GARNISHMENT EXEMPTION: Federal law applies



MAXIMUM INTEREST RATE: Legal: 5% Judgment: About 7% (changes annually)



STATUTE OF LIMITATIONS ON ENFORCEMENT:



Open Account (credit cards): 6 years

Written Contract: 6 years

Domestic Judgment: 10 (renewable)

Foreign Judgment: 10 years