What is the statute of limitations in for collecting a debt?
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What is the statute of limitations in for collecting a debt?
I was served with papers being sued for a bank account that went into default 4 years ago. I was wondering what the statute of limitations in CO was.
Asked on November 1, 2011 under Bankruptcy Law, Colorado
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The statute of limitations for an open account (i.e. credit card debt) typically between 3-10 years.; never as much as 18. This runs from the date of the last activity. However, while the date of last activity is typically the date of last payment or charge off, it can also be the date that a debtor entered into a repayment plan or otherwise acknowledged that they owed debt (even if it is just in a telephone conversation).
However, even if the statute of limitations has run, while you can no longer be taken to court and have a judgement granted against you, you still owe the debt (although there will be not real mechanism for your creditor to collect).
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