Wisconsin Statute of Limitations on Debt Collection
The statute of limitations is a time limit that the credit has to file a lawsuit against the consumer for failure to pay the debt. It is calculated starting from the time the consumer broke the agreement to pay the debt. While all states vary on how long the statutes of limitations are, once the lawsuit is filed, if it is on time, the statute of limitation is met.
Many people confuse this statute with how long a judgment lasts. Once a judgment is entered, states vary on how long the judgment operates. They usually last quite long – at least 10 years or more. Thus, many consumers are confused when they find they are having their wages garnished upon on a debt that may be more than a dozen years old. The reason for that is likely because there was a judgment entered. The statute of limitations stopped being an issue way back when the lawsuit was first filed.
Contracts, professional services, or an open account based on a contract: 6 years.
NOTE: Payments made toward the obligation toll the statute and the time period will then run from the date of last payment or last charge by the debtor, whichever occurs later.
Contact SmithMarco, P.C. at 888-822-1777 or contact us here for any other questions regarding Wisconsin Statute of Limitations on debt collection. Know your rights and talk to a lawyer today.
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