What amount of debt would a creditor pursue to garnish wages on?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What amount of debt would a creditor pursue to garnish wages on?
I acquired a debt as result of signing an apartment lease with three other co-workers that the owner supposedly was paying. He did not and I’m stuck with the bill. Because I’m the only one living in that state I was the only one served court papers. There has been a judgement filed against me. The amount owed is now $4000 after the original debt of $1700 accrued late fees, court fees etc. I offered the creditor $500 to settle being generous). They told me $3200 was the lowest they will accept for settlement. SOL here is 6 years. I’m 3 years into this and would rather just wait it out.
Asked on September 27, 2011 under Bankruptcy Law, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Okay well trying to out run a creditor is never an easy thing and it is generally a losing proposition. Additionally, it s my understanding that Colorado's wage garnishment laws allow a creditor to take an enormous amount of your disposable income (gross earnings for the first pay period less deductions required by law). The amounts are, I believe, as follows: weekly: $154.50 or 75% of disposable earnings ; bi-weekly: $309.00; or 75% of disposable earnings; semi-monthly $334.75 or 75% of disposable earnings; monthly: $669.50 or 75% of disposable earnings. If you do get sued you need to bring the other parties to the lease in as third party defendants so that you can get a judgement over them if one is obtained against you. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.