What is the Colorado statue for debts?

Answer by  patti (29325)

Debt is governed by federal law. You can review the Equal Credit Opportunity Act, Fair Credit Billing Act, Fair Credit Reporting Act and the Fair Debt Collections Practice Act, all of which are available online.

Answer by  cubanchick (188)

Statute for debts in the state of Colorado, in general lasts for 6 years. The statues of this state also limits the amount of time, as well as the debt that you can be sued which was from past years. This statute protects you from being sued and relieves pressure on having to pay debt right away.

Answer by  linsm (898)

The statute for debts varies according to the type of debt. The statute of limitations is 3 years for a credit card account. The law is different for judgements since the statute of limitations does not expire for 20 years. If bankruptcy is a possible remedy, seek legal advice.

Answer by  heather88 (1897)

You should call a lawyer to find out, they would know what you need to do. Lawyers know the laws better then the average person does, check with the lawyer.