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Douglas County is conveniently positioned within the state of Colorado, sitting between Denver and Colorado Springs while still having its own cities of note like Aurora. This means that people living in the county can have a busy life coming and going between the most densely populated areas of the state.
However, that dynamic, busy environment is no protection from financial instability for residents. There are, of course, legal guidelines in place to oversee and regulate economic activity in Colorado. This is particularly true of business and bank conduct. Unfortunately, even with regulations and laws to manage finance and the economy, it’s still possible for things to go wrong. Some people can run into unexpected financial circumstances, and in more serious cases, financial organizations themselves may knowingly act beyond established legal boundaries. For Douglas county residents caught in this situation, one of the best ways to get a satisfactory resolution is to seek out help from a financial law attorney in Douglas county. They are capable of dealing with a variety of different economic issues, including:
Foreclosure occurs when a homeowner paying into a mortgage loan falls behind on too many payments. The loan holder, such as a bank financing the mortgage, is now legally permitted to take possession of the property and sell it to recover the debt owed.
However, just because the foreclosure process has been granted doesn’t mean a resident now has no rights. Foreclosures, either at the warning or implementation stage, can be challenged. In Douglas county, there are financial law or debt attorneys who can help navigate local regulations, like the Rule 120 Hearing that creditors must file with courts in order to move ahead with foreclosure.
Payday and Money Tree loans are financial products offered by non-bank entities. These loans provide an ‘advance’ on a monthly salary, allowing individuals to access their salary before the usual pay date. The application process for these loans is typically faster and easier than traditional bank loans, making them a popular choice for those in need of immediate funds.
Unfortunately, that speed and easy approval are balanced by high-interest rates and severe penalties for those who can’t keep up. Colorado’s government is already trying to regulate this more effectively, but loan companies are finding and exploiting new loopholes every day. In some situations, debt can spike dramatically without even taking out a new loan due to interest rates and penalties alone. However, Douglas county residents can seek help from a financial or debt attorney to manage these situations.
Residents of Denver 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 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.
As one example, a bank or other creditor wants to move forward with a lawsuit to collect payments owed for a mortgage loan. An experienced Douglas county debt or financial attorney to help here, as the nuances of a lawsuit or the threat of a lawsuit from debt collectors require a comprehensive knowledge of financial regulations within the state of Colorado.
Modern financial life in Douglas county has credit cards as one of the cornerstones of everyday life. Without one, a person may be unable to make travel plans, rent a vehicle, or build necessary credit. Unfortunately, the ease of using credit cards can become a big problem when not used in moderation. This is evident regionally, as Colorado ranks #1 in the country for credit card debt.
Fortunately, programs are available in Colorado to help manage credit card debt, but if debt levels get beyond manageable, more help is required. In the event a credit card company wants to take legal action for missed payments, a Douglas county debt attorney can help.
Sometimes, a solution seems viable, but on implementation, it’s clear some things aren’t working as intended. Wage garnishment can sometimes be such a situation. A Douglas county resident may be required by law to partition some of their salary to settle specific debts. A divorced parent, for example, who misses too many child support payments, may have wage garnishment imposed.
Colorado allows up to 25% of a person’s weekly income as permitted for garnishing. A person’s financial circumstances may make this an inconvenience or a serious problem that causes other debts to grow, such as no longer having enough to pay rent or a mortgage. A Douglas county debt or financial law attorney can help Douglas county residents regain control of this situation.
The term repossession in Colorado usually refers to vehicles. This occurs if a loan was used to purchase a vehicle and then subsequent payments on that loan fall behind. A creditor in this situation can now seize a vehicle without the owner’s consent, but this isn’t something that happens as an impulsive, snap decision. A legal process must be followed by a debt collector before they can seize a vehicle without it being considered theft.
For residents who have missed payments and feel at risk or those who have already had a vehicle repossessed, a debt attorney in Douglas county may be able to resolve this situation. Alternative measures, such as declaring specific types of bankruptcy, can put vehicles off-limits for repossession.
There are many different situations where creditors are legally empowered to try to collect payments from those who are owing on a loan, but there’s only so much they can do under Colorado consumer lending laws. Creditors and their debt collectors have the authority to contact Douglas county residents and try to collect on debt payments, but laws are in place at the Federal and state levels to regulate what kind of actions are permitted in doing so.
Unfortunately, some creditors may try to exploit Douglas county residents’ ignorance about their rights and take illegal actions. For example, debt collectors aren’t allowed to threaten, insult, or deceive consumers. They are not permitted to call early in the morning or late at night. If employers don’t have a policy of approval in place, they can’t call people at their place of work either. Anyone who is subjected to this kind of creditor harassment can get help from a Douglas county financial law attorney.
The United States has the good fortune to offer the most advanced and comprehensive medical care in the world, but this can come at a tremendous cost. Those who don’t enjoy solid healthcare coverage from an employer can be devastated by medical debt. This debt can potentially skyrocket should there be a need for ongoing treatment, as is the case with chronic conditions. Unfortunately, unlike other types of debt, a person’s life may literally be on the line in this situation, making the debt even worse.
Douglas county debt attorneys can be invaluable in helping people during such a challenging time by assessing their financial and medical circumstances and evaluating debt management options. For example, it may be possible to transition to bankruptcy without losing healthcare access.
Bankruptcy does not mean complete financial ruin as some may imagine. It’s a form of financial organization, protection, and management when debt can no longer be handled. There are general guidelines for bankruptcy at the Federal level, but there are also local laws at the state level for this, with Colorado being no exception.
There are some general requirements to file for bankruptcy, like an inability to manage debt obligations. However, each financial situation may have different needs. A bankruptcy attorney in Douglas county may work with people and businesses in different categories:
Chapter 13 bankruptcy is sometimes called the “wage earner’s plan because this alternative is frequently used in situations where the person in debt still has access to a steady income like a fixed salary with a job at a company. This is often considered a less extreme state of bankruptcy.
Chapter 13 bankruptcy discharges a person’s debt by organizing a payment plan with a duration of 3-5 years. The debt is then paid down through installments taken from the salary, just like vehicle or mortgage loan payments. Chapter 13 bankruptcy is only approved when the total debt is less than $2.75 million and the person with debt has a verifiable source of recurring income.
For some, Chapter 7 bankruptcy is regarded as a more drastic way to address debt. This form of bankruptcy discharges debt through liquidating a person’s assets. If Chapter 13 bankruptcy isn’t an option due to a lack of salary or incoming revenue, Chapter 7 often happens instead.
The liquidation of assets usually happens by selling property or belongings such as business or office equipment, furniture, and other assets. Both businesses and private individuals can file for Chapter 7 bankruptcy.
Erin Lane is ready to help the Douglas county residents with their debt or other financial circumstances. She began her legal practice in Washington State with the Washington Law Group. Now, she is in Colorado, where she can provide legal assistance to those challenged by debt or other legal consequences they may face from financial situations.