What amount of debt would a creditor pursue to garnish wages on?

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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 9 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. 


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