Colorado's Statute of Limitations on Debt: A Guide for Businesses
Colorado's Statute of Limitations on Debt: A Guide for Businesses
Statute of limitations on debt in colorado is a law that sets a time limit on how long a creditor can sue you to collect a debt. In Colorado, the statute of limitations for most types of debt is six years. This means that if a creditor does not file a lawsuit within six years of the date the debt became due, they will be barred from collecting the debt.
Table 1: Statute of Limitations for Common Types of Debt in Colorado
| Debt Type | Statute of Limitations |
|---|---|
| Written contracts | 6 years |
| Oral contracts | 3 years |
| Judgments | 20 years |
| Credit card debt | 6 years |
| Medical debt | 6 years |
Table 2: Exceptions to the Statute of Limitations
| Exception | Time Limit |
|---|---|
| Fraudulent concealment of the debt | No time limit |
| Debtor makes a partial payment | Restarts the statute of limitations |
| Debtor acknowledges the debt in writing | Restarts the statute of limitations |
Success Stories
- A small business owner in Colorado was able to successfully defend a lawsuit from a creditor who was trying to collect on a debt that was more than six years old. The business owner was able to show that the creditor had not filed the lawsuit within the statute of limitations, and the court dismissed the case.
- A consumer in Colorado was able to get out of debt by negotiating with their creditors. The consumer was able to settle their debts for less than the full amount owed, and they were able to avoid having to file for bankruptcy.
- A non-profit organization in Colorado was able to raise funds to pay off its debts. The organization was able to get donations from individuals and businesses, and they were able to pay off their debts in full.
There are a few things that you can do to protect yourself from debt collectors:
- Keep track of your debts and make payments on time.
- If you are unable to make a payment, contact the creditor and explain your situation.
- Dispute any debts that you do not believe you owe.
- If you are sued by a debt collector, you should contact an attorney.
Understanding the statute of limitations on debt in colorado can help you protect yourself from debt collectors and avoid getting into financial trouble.
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