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Denver County is, of course, one of the bigger counties in the state of Colorado because it houses the biggest city in the state. The city of Denver County and its namesake county make up a thriving economic region and are ranked fourth best in the world for mid-sized cities and start-up businesses.
Unfortunately, a booming economy doesn’t guarantee freedom from all financial concerns for Denver County residents. As with criminal activity, there are legal guidelines in place in Colorado to regulate economic activity, especially with regard to business and bank conduct. In the worst case scenarios, financial organizations may not be acting in good faith or within legal boundaries, which requires help from an experienced financial law attorney in the area. This is especially true if it’s time to consider legally declaring bankruptcy.
While bankruptcy is not a positive experience, it is not necessarily as catastrophic as some may imagine. Bankruptcy is a legal, economic “state” that offers a specific type of financial protection, organization, and management for those who can no longer keep their debt obligations paid and under control. There are general guidelines for bankruptcy at the Federal level, but there is a lot of autonomy among individual states on specific, local-level regulations for bankruptcy and Colorado is no exception.
Bankruptcy, however, has different categorizations, so while there are some general requirements for filing bankruptcy, such as an inability to address the current debt obligations, the exact financial situation may merit different responses. Because of this, a bankruptcy attorney in Denver County may work with people and businesses in a variety of bankruptcy situations, such as:
Chapter 13 bankruptcy is sometimes called a “wage earner’s plan, because it is commonly used in situations where a person has a consistent, reliable monthly income like a fixed salary from a company. Some people consider this a less drastic state of bankruptcy.
Chapter 13 bankruptcy is typically aimed at debt management through payment discipline. In this scenario, a person’s debt is discharged by breaking that debt into installments and creating a 3-5-year payment plan. If a person can demonstrate a steady income and the total debt is less than 2.75 million dollars, the court will grant Chapter 13 bankruptcy as long as all legal requirements are met.
Chapter 7 bankruptcy is considered by some to be a more drastic way to handle a person’s debts. The chief method of payment here is through liquidation of assets. For both Denver County residents and businesses, Chapter 7 bankruptcy usually occurs if Chapter 13 isn’t an option due to a lack of any incoming means of paying debt.
This means paying off the debt through liquidation, usually by selling assets like property or belongings such as business or office equipment and furniture to repay and discharge any outstanding debts. Both businesses and private individuals can file for Chapter 7 bankruptcy.
Residents of Denver County can seek out loans and generally enjoy the protection of Colorado consumer lending laws, which outline the regulations banks and other financial institutions must follow, as well as the avenues of resolution available to people with debt issues or concerns. However, when it comes to debt collection, collectors and other organizations may contact Denver County residents and inquire about payments for debts, but strict laws at the Federal and state levels regulate how creditors and their debt collectors are permitted to act.
Unfortunately, sometimes aggressive creditors may exploit Denver County residents’ ignorance about their consumer rights and take illegal actions, hoping the residents will not know enough to understand that their rights have been violated. For example, debt collectors cannot use threats, insults, or deceit in their interactions. They also cannot call early in the morning, late at night, or even while a person is at work if employers do not permit such calls. Anyone experiencing harassment from a creditor should seek the help of a Denver County financial law attorney.
In some situations, a person may initially think a debt management plan would work, but once reality sets in, unanticipated burdens prove to be too steep. Wage garnishment can be one of those situations. Here, a Denver County resident may be required by law to have a portion of the incoming monthly salary partitioned off to manage specific financial obligations. A divorced parent who has missed too many agreed-upon child support payments, for example, may have wage garnishment imposed to ensure the other parent gets what is owed.
In Colorado, the law currently sets a maximum of 25% of a person’s weekly income, which, depending on a person’s circumstance, can either be merely inconvenient or create even more debt. A Denver County debt or financial law attorney can evaluate a wage garnishing situation and negotiate better conditions to make it more manageable for Denver County residents.
One of the most upsetting experiences a Denver County resident can experience is a home foreclosure. When foreclosure occurs, a creditor, such as a bank, decides too many payments have been missed and seizes possession of the property to put it up for sale and recover any outstanding debt.
However, just because a creditor intends to foreclose on a property doesn’t mean a resident no longer has any legal options. Foreclosures, whether they are just a warning or notice that has already been served, can be challenged. Financial law or debt attorneys in Colorado can help clients to navigate these situations and deal with local regulations such as the Rule 120 Hearing that a creditor must file with the courts before being able to proceed.
Most Denver County residents agree that a credit card is a must-have in modern life, especially for those who want to make purchases online, rent a car, book a hotel, and more. However, credit cards, for all their convenience, can also cause some serious financial issues if they aren’t used carefully. In fact, the state of Colorado ranks #1 in the country for credit card debt.
There are programs available in Colorado to help manage credit card debt. However, if the situation grows dire enough, such as a credit card company deciding to take legal action due to a lack of payments or someone else incurring debt on your credit card, a financial law or debt attorney in Denver County can help to get you back in a balanced financial standing.
In Colorado, repossession usually refers to seizing a vehicle if too many payments on a vehicle loan have lapsed. However, this isn’t a process that can just arbitrarily take place on impulse by a creditor. There is a legal process a debt collector must initiate before they have the legal ability to find and take away a vehicle.
If you’ve missed some payments and feel you’re at risk, or a repossession has already occurred, a Denver County debt attorney may be able to sort things out. Some alternatives, like declaring different types of bankruptcy, can prevent repossession.
Typically, litigation attorneys should be involved in a lawsuit. However, there are some instances, such as when a debt collector, credit card company, or even bank moves forward with a debt-based lawsuit, where financial legal experience is more important. Denver County financial law attorneys can help here, as the nuances of a lawsuit or the threat of a lawsuit from debt collectors and other agencies require specific knowledge of and experience in financial regulations in Colorado.
America offers some of the most advanced and comprehensive medical coverage in the world, but it is far from low cost, and if a person doesn’t have a suitable healthcare plan from an employer, medical debt can potentially skyrocket. Unlike other types of debt however, a life may be on the line that makes this debt far more serious.
Denver County Debt attorneys can offer assistance during this challenging period. They may help people assess their situation and evaluate debt management options, such as transitioning to bankruptcy without losing access to healthcare.
Financial organizations aside from banks seem to offer loans with easier approval, but this often comes at the cost of harsher conditions that may leave people in financial difficulty if they should fall behind. Late fees, higher interest rates, and tighter payment dates are some ways these loans from “payday companies” can make a convenient advance a real problem.
In some cases, the amounts owed can climb drastically even without asking for additional loans. However, Denver County residents can get help from a financial or debt attorney.
Erin Lane is here to help the people of Denver County with their debt or other legal and financial situations. Once heading a legal practice in Washington State called the Washington Law Group, now she is expanding her services to Colorado. She is ready to provide legal assistance to anyone who finds themselves challenged by debt or other legal consequences they may face from financial situations.