COLLECTION LAWS – WISCONSIN (WI)
(1) Pre-Judgment Interest Rate:
In Wisconsin, the pre-judgment interest rate is determined by the court. According to Wisconsin Statutes section 138.04, the court has the discretion to set a reasonable rate of interest for pre-judgment interest in civil cases.
(2) Post-Judgment Interest Rate:
The post-judgment interest rate in Wisconsin is set by statute. Pursuant to Wisconsin Statutes section 815.05, the post-judgment interest rate is currently 1% above the prime rate.
(3) Statute of Limitations for Written Contract:
For written contracts in Wisconsin, the statute of limitations is 6 years. As per Wisconsin Statutes section 893.43, an action to enforce a written contract must be commenced within 6 years from the date the cause of action accrues.
(4) Statute of Limitations for Oral Contract:
The statute of limitations for oral contracts in Wisconsin is 6 years. According to Wisconsin Statutes section 893.43, an action to enforce an oral contract must be initiated within 6 years from the date the cause of action arises.
(5) Statute of Limitations for Open Account:
In Wisconsin, the statute of limitations for an open account is 6 years. Pursuant to Wisconsin Statutes section 893.43, an action to collect on an open account must be filed within 6 years from the date the cause of action accrues.
(6) Statute of Limitations for Contract for Sale of Goods:
For contracts for the sale of goods in Wisconsin, the statute of limitations is 4 years. As per Wisconsin Statutes section 402.725, an action for breach of a contract for the sale of goods must be commenced within 4 years after the cause of action accrues.
(7) Statute of Limitations for Promissory Note:
The statute of limitations for a promissory note in Wisconsin is 6 years. According to Wisconsin Statutes section 893.43, an action to enforce a promissory note must be initiated within 6 years from the date the cause of action arises.
(8) Statute of Limitations for Enforcement of Domestic Judgment:
In Wisconsin, the statute of limitations for the enforcement of a domestic judgment is 20 years. Pursuant to Wisconsin Statutes section 806.31, a domestic judgment can be enforced within 20 years from the date it is entered.
(9) Statute of Limitations for Enforcement of Foreign Judgment:
For the enforcement of a foreign judgment in Wisconsin, the statute of limitations is 6 years. As per Wisconsin Statutes section 806.24, an action to enforce a foreign judgment can be enforced within 20 years from the date it is entered.
(10) Garnishment Exemptions:
Wisconsin law provides certain exemptions for garnishment. Some exemptions include a portion of the debtor’s wages, certain public benefits, retirement benefits, and specific property. Exemptions are subject to specific criteria and limitations. It is advisable to refer to Wisconsin Statutes section 812.34 for detailed information on garnishment exemptions.
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.