COLLECTION LAWS – WEST VIRGINIA (WV)
(1) Pre-Judgment Interest Rate:
According to West Virginia Code Section 56-6-31, the pre-judgment interest rate in West Virginia is calculated at the legal rate of interest, which is currently set at 7.00% per year.
(2) Post-Judgment Interest Rate:
In West Virginia, the post-judgment interest rate is determined by West Virginia Code Section 56-6-31 and is also set at the legal rate of interest, which is currently 7.00% per year.
(3) Statute of Limitations for Written Contract:
The statute of limitations for a written contract in West Virginia is ten years. This is specified under West Virginia Code Section 55-2-6.
(4) Statute of Limitations for Oral Contract:
For an oral contract, the statute of limitations in West Virginia is five years. West Virginia Code Section 55-2-6 sets this time limit.
(5) Statute of Limitations for Open Account:
The statute of limitations for an open account, which includes credit card debt and other similar accounts, is also five years in West Virginia. This limitation is outlined in West Virginia Code Section 55-2-6.
(6) Statute of Limitations for Contract for Sale of Goods:
In West Virginia, the statute of limitations for a contract for the sale of goods is four years. This is established by West Virginia Code Section 46-2-725.
(7) Statute of Limitations for Promissory Note:
The statute of limitations for a promissory note in West Virginia is six years. West Virginia Code Section 55-2-6 provides this time frame.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
For the enforcement of a domestic judgment, West Virginia Code Section 55-2-12 states that the judgment must be enforced within ten years from the date of its entry.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
According to West Virginia Code Section 55-2-13, a foreign judgment must be enforced within ten years from the date of its entry to be considered valid for enforcement in West Virginia.
(10) Garnishment Exemptions:
West Virginia law provides certain exemptions from garnishment. These exemptions include, but are not limited to, 75% of the disposable earnings of an individual, certain public assistance benefits, and certain retirement benefits. The specific details and limitations of these exemptions can be found in West Virginia Code Section 38-5A-3.
Disclaimer: Please note that the presented content is an outline of legal regulations, serving as a general overview rather than an exhaustive representation of comprehensive statutes. It is crucial to recognize that this outline does not constitute “legal advice.” Moreover, it is important to acknowledge that subsequent changes to the listed statutes may occur subsequent to this publication. It is recommended to consult an attorney in the jurisdiction to confirm the information is up-to-date and accurate.