Statute of Limitations for business collection agencies in Michigan

Lots of people assume, in line with the Michigan Statute of Limitations, that when they just “wait it out,” their loan companies will exhaust their collection efforts or perhaps the time will come to an end when it comes to creditor to gather regarding the financial obligation. Exactly exactly What individuals don’t comprehend will there be are loopholes that may keep a financial obligation ongoing, producing proceeded monetary anxiety and a lower credit history. In the place of prolonging bad credit, find a proactive and debt resolution that is lasting.

At Acclaim Legal Services, we focus on assisting individuals expel or combine their financial obligation to the office towards an existence that is debt-free. You can expect free consultations to talk about your questions and supply qualified advice that is legal your financial troubles quality choices. Give us a call at 866-261-8282 or schedule an appointment online at any of our six Michigan office locations: Detroit, Southfield, Ann Arbor, Warren, Dearborn and Flint today.

The Fact About commercial collection agency in Michigan plus the Statute of Limitation

  • Relating to Michigan legislation, your creditor has as much as 6 years (through the date of the payment that is last collect for a financial obligation, including receiving a judgment in the debt.
    • Every 10 years by getting a judgment, your creditor can pursue collections (likely a garnishment) almost indefinitely as long as they renew the judgment. Read more