Credit Cards, Rating, Repair CO Statute of limitations pertaining to debt & judgemens

[nickanthony]

I understand that CO has a 6 yr limit within which a bad credit card debt may acted upon. It also has a 20 year limitation within which a judgment may acted upon. If a creditor turns a bad credit card debt into a judgment, which limitation then applies to be able to collect on that debt?

The statute of limitations on collecting a debt is 6 years in CO. The statute of limitations on collecting a judgment is 20 years in CO. Which law applies when a debt has become a judgment through the courts?

 

[despritfreya]

If you were sued and a judgment was entered against you the judgment creditor can collect for however long the state allows for judgments and the renewal of such. There no longer is a credit card debt. You now owe for a judgment.

Des.

If you were sued and a judgment was entered against you the judgment creditor can collect for however long the state allows for judgments and the renewal of such. There no longer is a credit card debt. You now owe for a judgment.

Des.

 

[mightymoose]

If the court has made a judgment in your favor then the longer statute applies. In some jurisdictions the judgment must be renewed. Check with the court to find out if you must take any additional steps over the years to keep the judgement valid for collection.

 

[Betty3]

In Colorado a judgment issued by a district court has a SOL of 20 years (renewable every 20 yrs.) & if issued by a county court has a SOL of 6 years (renewable every 6 years).