Returning Resident With Unpaid Bills - What Now
My question involves collection proceedings in the State of: Colorado
I'm returning back to the States after spending 6 years abroad. Before I left the States, I was a resident of Colorado and I left behind a few unpaid bills. I just pulled my credit report and the amounts that used to be in the hundreds are now in the thousands...
As I understand it, the SOL tolled when I left the States, so I'm assuming I'll be getting summons within a few months after I return. What is the best way for me to go about this? I won't be bringing in any substantial amount of money with me and it will take me a while to resettle, so I won't be able to pay off the bills. Does it make sense for me to file bankrupcy as soon as I get back? Or should I tell collection agencies that the SOL has expired in the hope that they won't try to check whether I was a resident (and then try to settle on an individual basis with those who don't buy that defence)?
Re: Returning Resident With Unpaid Bills - What Now
You're correct about the tolling of the limitations period, CRS 130-90-118.
If it were me, I would wait and see what (if anything) my creditors do before declaring bankruptcy. Your creditors (or whoever now owns the debts) won't automatically know that you've returned, and as you note they may not be aware of your absence and may believe their debts to be expired.
Re: Returning Resident With Unpaid Bills - What Now
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Mr. Knowitall
You're correct about the tolling of the limitations period, CRS 130-90-118.
If it were me, I would wait and see what (if anything) my creditors do before declaring bankruptcy. Your creditors (or whoever now owns the debts) won't automatically know that you've returned, and as you note they may not be aware of your absence and may believe their debts to be expired.
Thanks! But do you think the creditors/collection agencies can somehow access my tax records to see if I was actually filing taxes in Colorado for the past 5 years (which I wasn't)?