Free Debt Collection Tools & Calculators

How to use these debt collection calculators

These tools serve two audiences: collection professionals calculating recovery economics, and consumers understanding their rights and options. Each calculator uses current federal FDCPA rules and state-specific statutes so results reflect actual legal limits rather than general estimates.

Statute of limitations and judgment interest

The statute of limitations is the single most important date in debt collection. Once it passes, the debt is time-barred and cannot be enforced through a lawsuit - though collectors may still attempt to collect voluntarily. The SOL calculator applies the correct rule for each debt type and state, including the contested question of whether making a partial payment or acknowledging the debt in writing restarts the clock. The CFPB has issued rules requiring collectors to disclose when a debt is time-barred. After a collector wins a judgment, a separate post-judgment interest clock starts - the judgment interest calculator shows how fast a balance grows at your state's statutory rate. Legal technology platforms used by collection law firms automate SOL tracking across large portfolios.

Wage garnishment and bank levy

Federal law caps wage garnishment at 25% of disposable earnings or the amount above 30 times the federal minimum wage - whichever is less. States like Texas, Pennsylvania, and North Carolina effectively prohibit wage garnishment for consumer debts entirely. The garnishment calculator applies both federal and state limits simultaneously and shows weekly, biweekly, and monthly withholding amounts. Bank levy rules differ from wage garnishment - the bank levy tool covers state-specific exemption amounts for checking and savings accounts. Credit counseling is often the most effective intervention before garnishment begins.

Settlement economics and collection agency fees

Debt settlement math involves three parties: the original creditor, the debt buyer (who purchased the account), and the consumer. The settlement value calculator shows what a debt buyer likely paid for an account (typically 1 to 10 cents per dollar) and what settlement percentage makes economic sense at each stage of collection. Collection agency contingency fees typically run 25 to 50% of amounts collected, with rates varying by debt age, balance, and account type. Forgiven debt above $600 triggers a 1099-C filing with the IRS - the insolvency worksheet shows whether the taxpayer can exclude the forgiven amount from income.