Three Things to Know About the Michigan Statute of Limitations

Worried about old, overdue balances on the books?

Old overdue accounts should be turned over to Michigan collection services as soon as possible to avoid having your account eliminated by the statute of limitations. Here are the five things you should know about Michigan SOLs on debt.

1. As a creditor, the statute of limitations sets the time period for you to take legal action against a debtor.
2. The statute of limitation is six years for most written or oral contracts. The countdown does not begin until the customer misses the first payment or defaults on the terms of the contract. The statute could be renewed when a new payment is made.  
3. If your agreement or contract with your customer was for the sale of goods, you would normally only have four years to start a legal action to recover on the outstanding balance.

Learn more in our latest article.

Take the Pressure Off with Michigan Collection Services

If you find that taking action on several outstanding accounts is more than you can handle on your own, we can help! Our attorneys have the tools to get the job done effectively and ethically. Call 248-645-2440 or fill out our quick online contact form to get started!