How long does a creditor have to collect on a judgment against a debtor after it is rendered in Wisconsin? The basic rule in Wisconsin is that a creditor has 20 years to collect on a judgment. This term is referred to as the “judgment lien expiration period.”
It is crucial to remember that the judgment lien expiration term runs from the day the judgment is entered and not from the day the underlying debt was incurred. In addition, there are several situations when the judgment lien expiration term might be tolled or postponed, such as when the debtor files for bankruptcy or when the creditor is unable to collect on the judgment because the debtor is absent or imprisoned.
Additionally, Wisconsin law allows for the extension of a judgment lien’s expiration date. Within 90 days following the original judgment lien’s expiration date, a creditor may reaffirm the judgment by filing a new judgment lien. The renewal judgment lien gives the creditor a 20-year extension on their ability to collect on the judgment.
A judgment becomes unenforceable if a creditor does not collect on it before the judgment lien expires. The creditor could then need to look at other alternatives, such reaching a settlement with the debtor or selling the judgment to a debt buyer.
It is crucial to identify the pertinent Wisconsin statute when determining the statute of limitations that applies in Wisconsin for a specific legal matter. The law number, the chapter number (if applicable), and the year of publication must all be included when citing a Wisconsin statute. A citation to Wisconsin’s statute of limitations for contract breach, for instance, would appear as follows: Wis. Stat. (2018), 893.43.
A legislature, like the Wisconsin State Legislature, enacts laws known as statutes of law. These laws cover a wide range of legal topics and are divided into chapters and parts. As they offer a framework for resolving legal disputes and upholding legal rights, statutes of law are a crucial component of the legal system.
The executive branch of government in Wisconsin is headed by the governor. The governor is in charge of directing the state’s departments and agencies as well as carrying out the state’s laws and policies. The governor is chosen to serve a four-year term, and they are only allowed to do so twice in a row. Tony Evers was chosen to serve as Wisconsin’s governor in 2018.
The State Senate and the State Assembly are the two chambers that make up the Wisconsin Legislature. The Assembly has 99 members who serve two-year terms, compared to the 33 senators who serve four-year terms. The Legislature is in charge of making laws, approving them, controlling the state budget, and performing other significant governmental duties. In Wisconsin, the introduction of bills, committee hearings, floor discussions, and finally a vote by both chambers are all necessary steps before a measure may become law.