Colorado lein/seizure rules

Date: Thu, 10/16/2008 - 07:39

Submitted by anonymous
on Thu, 10/16/2008 - 07:39

Posts: 202330 Credits: [Donate]

Total Replies: 7

I owe $5000 on a credit card which was sent to a creditor who is trying to collect. The only communication i had with them was brief but abrupt they simply said "the law firm assigned to this account is aggressive and they will try to seize your car or other valuable assets including putting a lien on your house." that came after i let them know i wouldn't be able to set up payment arrangements for 1-2 months.

Ford Credit holds my car loan
First Horizon holds my house loan

Can they touch either of these? What can they do...garnish my paychecks? Touch my bank account? If so to what extent?

Colorado State Laws http://198.187.128.12/colorado/lpext...s-ma

Colorado State Laws
http://198.187.128.12/colorado/lpext...s-main.htm&2.0

Your online laws are set up all together. When you click on the link,
click on colorado statutes. From there this is where to find each thing relevent to credit issues.

Interest Rate: Legal:8% Judgment:8% (or higher if specified in contract or note)

Statute of Limitations
Open Acct: 3
Written Contract: 6 (signed promissory note)
Written Contract Goods Services: 3
Domestic Judgment District Court - 20 (renewable every 20)
County Court - 6 (renewable every 6)
Foreign Judgment: 6 in CO.

General Garnishment Exemptions: See federal law below.
Federal Garnishment Exemption
Federal Law exempts from garnishment 75% of disposable earnings per week, or an amount = to
30 x federal minimum hourly wage, whichever is greater. Where federal law provides larger exemption,
it supersedes any state law.

Bad Check Laws (civil penalty): Treble Damages & Reasonable Fees

SOL Title 13 Limitations of Actions
13-80-101. 3 Years
13-80-103.5. 6 Years

Title 4 UCC
Bounced Check 3 years SOL 4-3-118

Title 5 Consumer Credit Code
Article 5 Part 1
5-5-103. Restrictions on deficiency judgments in consumer credit sales.