New Jersey Debt Collection Laws and Statutes

AccountsReceivable.com handles debt collections throughout the entire state of New Jersey.

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

Interest Rate

  • 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.

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