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.