Missouri Debt Relief

Missouri state Credit Card Debt law sets the time limit for filing suit, or the Statute of Limitations (SOL), at 5 years for open-ended credit accounts. The statute starts on the date that the debtor first fails to make a scheduled payment and is not changed by subsequent partial payments. The time to answer a summons for such a suit is 30 days. Answers can be sent by certified mail to ensure timely delivery to the appropriate address.

Judgment Enforcement

Missouri law allows creditors to execute judgment at anytime within 10 years of the date of entry. It can be revived at any time within the 10-year limit. The judgment accrues interest at the contract rate or at 9% yearly. A Circuit Court judgment is required to place a lien on the debtor’s real property. Both real and personal property may be levied to satisfy judgment. Homestead exemptions are allowed up to $8,000.

Wages may also be garnished, up to 25% or 30 times the federal minimum hourly wage, calculated after withholding. Missouri residents who are heads of family can only be garnished up to 10% of earnings or the amount specified by the Fair Labor Standards Act, whichever is less.

“Judgment by confession” is recognized in Missouri, but only when filed by the Defendant or his attorney, including the amount to which the Defendant confesses.

Debt Settlement

By choosing Debt Settlement, consumers can avoid lengthy court battles, property seizures and wage garnishments. They may also be able to avoid bankruptcy. Debt Settlement lets consumers arrange for an interest-free payment plan that fits their budget and satisfies the debt.