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See Colorado Judgment Enforcement Law below.
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Judgments and Enforcement:
A judgment entered in the court of the State of Colorado generally may be revived within twenty (20) years after its entry, and may be enforced and made a lien on a judgment debtor's non-exempt real and personal property. (Rule 54(h), Rules of Court).
All goods and chattels, lands, tenements, and real estate of every person against whom any judgment is obtained in any court in Colorado, for any debt, damages, costs, or other sum of money are liable to be sold on execution to satisfy the judgment. A judgment becomes a lien upon all non-exempt real property of the judgment debtor in such county in which a certified copy of the transcript of the docket entry of the judgment is recorded. The lien generally continues for a period of six (6) years from the date the judgment is entered unless it has been previously satisfied. If the underlying judgment is a judgment for child support or maintenance or arrears thereof or child support debt, the lien remains in effect for the life of the judgment without the necessity of renewal every six years.( C.R.S. 13-52-102.)
The earnings of a judgment debtor generally may be subject to garnishment for the satisfaction of a money judgment. (C.R.S. 13-54.5-103) However, garnishment on wages or replevin goods prior to the entry of a judgment is prohibited for payment of any debt arising out of a consumer credit sale, consumer lease, or consumer loan. (C.R.S. 5-5104.)
Garnishment may be a lien and continuing levy against the earnings of a judgment debtor due for ninety days following service of the writ or for ninety days following the expiration of any writs with a priority under section 13-54.5-104. (C.R.S. 13-54.5-102.) The maximum amount which may be garnished may not exceed 25% of the individual's disposable earnings for that week, or the amount by which the individual's disposable earnings for that week exceed thirty times the federal minimum hourly wage prescribed by section 206 (a)(1) of title 29 of the United States Code in effect at the time the earnings are payable, whichever is less. (C.R.S. 13-54-104.)
An authorization to confess judgment by a debtor on claims arising out of a consumer credit sale, consumer lease or consumer loan is prohibited under the laws of the State of Colorado. (C.R.S. 5-2-415, 5-3-407.)
Under the Uniform Enforcement Of Foreign Judgments Act of the State of Colorado, a judgment from other states generally is entitled to full faith and credit for the purpose of enforcement. (C.R.S. 13-53-101 et seq.) Upon the filing of an authenticated copy of the foreign judgment by a judgment creditor or his lawyer, an affidavit setting forth the name and last known post office address of the judgment debtor, and the judgment creditor, payment of a required fee, and the giving of appropriate notice thereof to the debtor at his last known address, the clerk shall enter the foreign judgment and treat it in the same manner as a judgment of the court of the State of Colorado. No execution or enforcement, however, may be issued until ten (10) days after the entry of the foreign judgment. (C.R.S. 13-53-104.) A judgment so filed has the same effect and is subject to the same procedures, defenses, and proceedings for reopening, vacating or staying as a judgment in the Court of the State of Colorado, and may be enforced or satisfied in the like manner. (C.R.S. 13-53-103.)
Legal rate: 8% per annum, compounded annually, if there is no agreement or provision of law for a different rate. (C.R.S. 5-12-101.)
Contract rate: The parties to any bond, bill, promissory note, or other instrument of writing may stipulate in writing for the payment of a greater or higher rate of interest than 8% per annum, but not exceeding 45% per annum. (C.R.S. 5-12-103.)
Judgment rate: 8% per annum if no rate is specified, or the rate specified in a contract or instrument in writing, from the date of entry of judgment until full satisfaction thereof. (C.R.S. 5-12-102(4).)
A creditor may be entitled to the recovery of prejudgment interest from the date of wrongful withholding to the date of payment or to the date judgment is entered, whichever first occurs, when money or property has been wrongfully withheld by a debtor. (C.R.S. 5-12-102.)
In general, a debtor may claim exemption of his homestead and non-exempt personal property from attachment or execution of a judgment, or in a bankruptcy proceeding.
Every homestead in the state of Colorado occupied as a home by the owner thereof or his family is generally exempt from execution and attachment arising from any debt, contract, or civil obligation not exceeding the sum of $30,000.00 in actual cash value in excess of any liens or encumbrances on the homesteaded property in existence at the time of any levy of execution thereon. (C.R.S. 38-41-201.)
Personal property which may be exempt from levy and sale under writ of attachment or writ of execution are itemized in C.R.S. 13-54-102. The value of property exempt generally extends to the debtor and each dependent, and may include wearing apparel to the extent of $750.00 in value; watches, jewelry, and articles of adornment to the extent of $500.00 in value; library, family pictures, and school books to the extent of $750.00 in value; burial sites; household goods to the extent of $1,500.00 in value; provisions and fuel on hand for the use or consumption to the extent of $300.00 in value; if the debtor engages, as his principal occupation, in agriculture or livestock or poultry raising, livestock and poultry not exceeding in the aggregate a value of $3,000.00, and horses, mules, wagons, carts, machinery, harness, implements, and tools not exceeding in the aggregate a value of $2,000.00; pension, compensation, or allowance for any purpose on account or arising out of the services of such person as a member of the armed forces of the United States in time of war or armed conflict; stock in trade, supplies, fixtures, maps, machines, tools, equipment, books, and business materials used and kept for the purpose of carrying on any gainful occupation in the aggregate a value of $1,500.00; one or more motor vehicles for the purpose of carrying on any gainful occupation in the aggregate a value of $1,000.00; one motor vehicle kept and used by any elderly or disabled debtor for the purpose of obtaining medical care for himself or his elderly or disabled dependent in a value not to exceed $3,000.00; and professional library in the value of $1,500.00. Other qualified exemptions may include certain portion of the cash value of a life insurance policy, insurance proceeds from fire and casualty loss or damages, recovery from personal injuries except for obligations incurred for the treatment of such personal injuries, and retirement plan benefits. (C.R.S. 13-54-102.)
A creditor generally may not execute against monies that are set aside for child support payments so long as the payments are deposited into a custodian account in a bank, savings and loan, or credit union account if the account is for the sole benefit of the child designated for child support payments, and if no moneys other than child support payments made pursuant to a support order or interest earned on the moneys in the account are deposited into the account. A child support payment is no longer exempt if the recipient of the payment intermingles the payment with any other moneys. (C.R.S. 13-54-102.5.)
The exemptions provided in section 522 (d) of the federal bankruptcy code of 1978 (Title 11 of the United States Code), as amended, are denied to residents of the State of Colorado.. Exemptions authorized to be claimed by residents of Colorado is limited to those exemptions expressly provided by the Colorado Revised Statutes. (C.R.S. 13-54-107.)
Civil actions generally can be commenced only within certain time limitations. The time generally runs from the date a cause of action accrues. A cause of action for debt, obligation, money owed, or performance is considered to accrue on the date such debt, obligation, money owed, or performance becomes due. A cause of action for balance due on an open account for goods or services accrues at the time of the last item of goods or services proved in such account. A cause of action for breach of any express or implied contract, agreement, warranty, or trust is considered to accrue on the date the breach is discovered or should have been discovered by the exercise of reasonable diligence. In general, if a cause of action for losses or damages is not otherwise provided by the Colorado Revised Statutes, it may be deemed to accrue when the injury, loss, damage, or conduct giving rise to the cause of action is discovered or should have been discovered by the exercise of reasonable diligence. (C.R.S. 13-80-108.) When a cause of action accrues is a critical issue and may be different on a case by case basis. A creditor should always consult actual legal counsel to determine its right to action under the applicable statutes.
Some of the time limitations relevant to credit and collection matters are as follows:
Contract actions 3 years C.R.S. 13-80-101(a)
Sale of goods 3 years C.R.S. 13-80-101(a)
Replevin 3 years C.R.S. 13-80-101(h)
Action to enforce right under secured instrument 6 years C.R.S. 13-80-103.5(a)
fraud, misrepresentation, concealment, or deceit 3 year
General limitation on actions which are not specifically provided under the Colorado Revised Statutes 2 years