Do you feel like you are swimming in debt?
You are not alone. Debt looks different for many people based on your personal situation. Most people do not plan to be in debt in Colorado. Sure you may have a mortgage, student loans, credit cards but this is fairly normal.
Perhaps what you did not plan on was losing your job or medical bills that are piling up.
Have you recently been served with a lawsuit? If you have, perhaps the first thing you want to find out is whether the statute of limitations has expired. The statute of limitations is the limit of time the creditor had to file this lawsuit against you. If they did not file it in a timely manner, the case should be dismissed. Check to see the limitations period in Colorado, and if the debt had gone into default longer ago than the statute of limitations period, you may be able to defeat that lawsuit.
Colorado Law Debt Collection
Under Colorado law, a debt collector must sue you within six years to collect a debt based on a promissory note of line of credit. Colorado Revised Statute 13-80-103.5 sets forth the following time limitations for the collection of a debt:
(1) The following actions shall be commenced within six years after the cause of action accrues and not thereafter:
(a) All actions to recover a liquidated debt or an unliquidated, determinable amount of money due to the person bringing the action, all actions for the enforcement of rights set forth in any instrument securing the payment of or evidencing any debt, and all actions of replevin to recover the possession of personal property encumbered under any instrument securing any debt…
The six years would presumably start at the point you defaulted on the loan or it otherwise came due.
If you want to stop the harrassing phone calls or wage garnishments you need to talk to Barry Arrington today. Call 720-605-4347 now or complete the form below to take the first step in your fresh start.