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Adams has the distinction of being the county where the Denver International Airport is located, serving global travelers within the state of Colorado. Beyond the airport, however, it plays host to cities like Brighton and Thornton that facilitate young Americans preparing to enter the modern workforce, as well as encourage small businesses to give back to the community. However, despite the bustling economic activity of the county, this is no guarantee of financial stability for every resident. For any Adams County resident, if there are any serious economic or financial setbacks, it may be time to get help from a financial law attorney.
Unfortunately, a bustling and diverse environment does not guarantee economic stability for everyone. For financial matters, Colorado has legal guidelines in place to regulate economic activity, and this is especially true for business and bank conduct. However, even with these laws and regulations in place, things can go awry. Some individuals may run into serious financial problems, and in extreme cases, financial organizations may not act in good faith or within legal boundaries. For people in such situations, it may be time to get help from an experienced financial law attorney in Arapahoe County. The need for such legal help may involve:
If a homeowner who is still paying off the mortgage on a residence consistently falls behind in making those payments, this is where foreclosure comes in. During foreclosure, a creditor, like a bank financing the mortgage, is now within its legal rights to seize the property and put it up for sale to recover this debt.
However, the intention to foreclose on a property doesn’t mean a resident has lost all rights. Foreclosures, whether they are just a warning or already underway, can be challenged. Financial law or debt attorneys in Arapahoe County can help deal with local regulations such as the Rule 120 Hearing that a creditor must file with the courts before being able to proceed.
Banks aren’t the only financial institutions that can offer loans. Other services can offer an “advance” on a proven salary, also known as a “payday loan,” for people who need funds immediately while waiting for a paycheck. One advantage of such businesses is that loan applications have much lower barriers for approval when compared to banks, and the loans are given out quickly.
Unfortunately, the speed and ease of payday loan approval often comes at the cost of high-interest rates and steep consequences for failing to keep up. The state has already tried to deal with some of the harsher measures, but loan companies find and exploit new loopholes all of the time. In some cases, the amounts owed can climb drastically even without asking for additional loans. However, Arapahoe County residents can get help from a financial or debt attorney to get themselves back in better standing.
Ordinarily, those involved in a lawsuit are best served getting help from a litigation lawyer. This is certainly the case for situations involving personal injury and workplace grievances, but in lawsuits centering around finance, it may sometimes be better to rely on the in-depth knowledge of a financial law attorney instead.
For example, a bank or other creditor may initiate a lawsuit to collect payments owed on a mortgage or other loan product. An Arapahoe County financial or debt attorney is uniquely positioned to assist here, as the nuances of a lawsuit or the threat of a lawsuit from debt collectors require a comprehensive knowledge of financial regulations as they apply to the state of Colorado.
Residents of 21st-century Arapahoe County know that a credit card is practically a necessity. It’s one of the fastest and most convenient ways to make purchases online, and for some purchases like a car rental, a credit card may be a requirement. However, the ease of credit cards can quickly turn into mounting debt when not used with discipline. Unfortunately, Colorado ranks #1 in the country for credit card debt.
However, there are programs available in Colorado to help manage credit card debt. If things go beyond a person’s ability to manage, like if a credit card company wants to take legal action for delinquent payments, an Arapahoe County financial law or debt attorney can help.
There are some situations where a financial plan seems viable, but it later becomes clear that things aren’t working out as planned. Wage garnishment may be such a case. An Arapahoe County resident may be compelled by law to have a part of their salary deducted to settle certain debts. For example, a divorced parent missing too many child support payments may have wage garnishment imposed.
Colorado sets a maximum of 25% of a person’s weekly income as allowable for garnishing. Depending on a person’s financial situation, that may be unsustainable or financially disastrous, allowing other debts like back mortgage payments to accrue. An Arapahoe County debt or financial law attorney can assess a wage garnishing situation to help make it more manageable for Arapahoe County clients.
Repossession in Colorado most often refers to vehicles. This generally happens when the vehicle was purchased using a loan and payments have begun to fall considerably behind. The creditor is then allowed to seize the vehicle and will do so whether the owner consents or not. However, this isn’t something a creditor can quickly do on sheer impulse. There is a legal process a debt collector must initiate before they have the legal ability to find and take away a vehicle.
For people worried about being at risk of repossession due to missed payments or who have been informed that a repossession is incoming, a debt attorney in Arapahoe County may be able to help. Other measures, like declaring different types of bankruptcy, can prevent repossession.
As has already been shown, there are a number of situations where creditors may want to collect debt from a debtor. Arapahoe County residents are protected by Colorado consumer lending laws. Debt collectors and other organizations are permitted to contact Denver residents and inquire about debt payments, but strict rules at the federal and state levels regulate permissible collection behavior.
Unfortunately, some creditors may exploit Arapahoe County residents’ ignorance about consumer rights and take illegal actions. For example, debt collectors can’t threaten, insult, or deceive consumers. They also can’t call early in the morning, late at night, or even at work if employers do not permit such calls. Anyone experiencing creditor harassment should seek help from an Arapahoe County financial law attorney.
While America is fortunate enough to enjoy the most advanced and comprehensive medical treatments in the world, they do come with a price. A person without a solid healthcare plan from an employer can be at risk of medical debt that has the potential to skyrocket if there’s a need for continuing treatment. Unlike other types of debt, a person’s health or life may be at risk, making this debt situation far more serious for debtors.
Arapahoe County debt attorneys can help people during such a crisis by assessing particular circumstances and evaluating debt management options without losing access to healthcare.
Bankruptcy isn’t pleasant, but it is not necessarily as disastrous as some imagine. It provides financial protection, organization, and management for people or businesses that can no longer manage their own debt. There are general guidelines for bankruptcy at the Federal level, but individual states have great autonomy in creating region-specific regulations, and Colorado is no exception.
Bankruptcy has different categorizations. There are some general requirements for filing bankruptcy, such as an inability to address the current debt obligations. However, each financial situation may require a different response. Because of this, a bankruptcy attorney in Arapahoe County may work with people and businesses in a few different bankruptcy categories, such as:
Chapter 13 bankruptcy is occasionally referred to as a “wage earner’s plan” because it is most often used in financial circumstances where the person involved still has a consistent, reliable monthly income. Some consider this a less extreme state of bankruptcy.
Chapter 13 bankruptcy focuses primarily on debt management through payment discipline. In this situation, a person’s debt is discharged by dividing it into a 3 to 5-year payment plan and receiving the debt repayment in installments. If a person can prove they have a steady income and the total debt is less than $2.75 million, the court will approve Chapter 13 bankruptcy as long as all legal requirements are met.
Some consider Chapter 7 bankruptcy to be a more severe way to address someone’s debts. The chief mechanism of payment here is the liquidation of assets. For both Arapahoe County residents and businesses, Chapter 7 bankruptcy typically occurs if Chapter 13 isn’t an option due to a lack of any incoming revenue or salary for paying debt.
This means the debt is paid for by liquidation, usually selling assets like business or office equipment, inventory, or even furniture to discharge any debts. Both businesses and private individuals can file for Chapter 7 bankruptcy.
Erin Lane is ready to help the people of Arapahoe County with their debt or other legal and financial situations with the same tenacity used at the Washington Law Group. Now, she is expanding her services to Colorado, where 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.