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In Aurora and the surrounding area, countless families are struggling to pay bills. If the same applies to you, perhaps you fell behind on bills through no fault of your own and wonder if you can ever get out from under the crushing weight of uncontrollable debt.
Were you aware that the vast majority of people who file for bankruptcy do so because of medical bills? This statistic underscores the fact that the majority of people who file for bankruptcy didn’t do so because they were irresponsible with their finances
Quite the contrary, the overwhelming majority of people who file for bankruptcy simply fell on hard times. And that’s something that can happen to anyone.
Once you miss a house payment or a car payment, or perhaps even a couple of credit card payments, interest quickly accumulates making it even harder to get ahead. Once you’re caught in the downward spiral of unmanageable debt, it’s almost impossible to get out
If you’re being harassed by bill collectors and collection agencies, or the bank is threatening to repossess your vehicle or foreclose on your home, then you already understand how hard-working people can fall into the trap of unmanageable debt.
Sadly, many people avoid filing for bankruptcy because of the stigma associated with debt. It doesn’t help that bill collectors do everything they can to embarrass you into paying the money that you don’t have. Still, there are countless people who believe that filing for bankruptcy is somehow an admission of failure.
To help you get started, we have assembled this website, which has some general information about bankruptcy and debt that’s relevant to Coloradans throughout Denver County. Please take a moment and read through the provided information. Afterwards, we urge you to contact our firm for a no-cost case evaluation. You will speak to one of our experienced legal professionals, so you can get the legal advice you need for your debt issues today!
In reality, the opposite is true. Declaring bankruptcy shows real fortitude because it allows you to get a fresh start financially and ensure you and your family can eliminate the stress and anxiety caused by debt.
The United States government agrees, which is why bankruptcy exists in the first place. The idea behind bankruptcy is that it allows consumers an opportunity to become contributing members of our nation’s economy once again. Without bankruptcy, scores of people would quite literally have nothing.
Because of the stigma associated with bankruptcy, many people wait far too long to consider filing. They may even withdraw money from a retirement account to pay back lenders or borrow money from family members, two options that should be avoided because they are entirely unnecessary.
If you’re dealing with the strain of unmanageable debt, contact one of our Arapahoe county bankruptcy lawyers today for a cost-free evaluation. Our intent is to help you understand your options, but first, we need to get a better idea of your current financial situation.
It’s important that you act quickly. A qualified Arapahoe county bankruptcy attorney can help prevent wage garnishment, vehicle repossession, and even the repossession of your home. Additionally, once you file for bankruptcy, creditors are required to stop contacting you. They can’t call you, email you, or even send you a letter.
If you’re ready to get out from under the intense pressure of unmanageable debt contact one of our Colorado bankruptcy attorneys today. There’s no obligation and your consultation is free.
If you live in the city of Aurora, you live in one of three counties – Arapahoe, Adams, and Douglas. However, Arapahoe county is the most populous by far. People living in Arapahoe county who find themselves mired in debt often decide to file for bankruptcy.
While there are other forms of bankruptcy, the most common are Chapter 7 and Chapter 13. The following information is intended to give you a brief overview of each option. If you have any questions after reading this information, contact one of our Arapahoe county lawyers without delay.
Chapter 7 – sometimes this is also referred to as a clean slate bankruptcy, and it is the easiest and fastest form of bankruptcy. It’s also the least expensive, which is very appealing to those already suffering from unmanageable debt. If you’re eager to start over financially, Chapter 7 bankruptcy may be your best option.
When you file Chapter 7 bankruptcy, any property that is not exempt may be liquidated to help pay off your debt, but this usually isn’t a big deal. The reason why is because the state of Colorado lists exemptions that you can use when filing bankruptcy. In most cases, you’ll be able to keep the possessions that are most important to you. Many people are eager to maintain possession of their vehicle because they use it to get to and from work, pick up kids from school, and run necessary errands.
Thankfully, Colorado is fairly generous when it comes to exemptions when filing for bankruptcy. If you’re looking to hold on to as much of your possessions as possible, it’s a good idea to work with an experienced Denver County bankruptcy attorney.
Before you can file for Chapter 7 bankruptcy you must pass a means test that determines whether or not your income is too high to file for Chapter 7. This underscores why it’s so important that you speak directly with a qualified Aurora bankruptcy lawyer.
If you are unable to file for Chapter 7 bankruptcy, you may still be able to file for Chapter 13.
Chapter 13 – often called reorganization bankruptcy, this option allows you to reorganize your debt and pay it off after 3 to 5 years. When you file Chapter 13, a payment plan is put together by the court, but some or all of your unsecured debt may still be discharged. How much you pay monthly will be determined based on your expenses and income.
Some people also call Chapter 13 a house-saver bankruptcy because it allows homeowners to maintain possession of their house even though they’ve fallen into the trap of unmanageable debt.
Before filing either Chapter 7 or Chapter 13 bankruptcy, there are many factors to consider. Our Douglas county bankruptcy lawyers have more than 50 years of combined experience handling both simple and complex bankruptcy cases.
When you first start researching bankruptcy, it’s normal to feel a little bit overwhelmed. There are all sorts of legal words and phrases specific to bankruptcy that you may not understand.
Before getting started, take some time to familiarize yourself with the following information.
When you file for bankruptcy, something called the automatic stay goes into effect. The automatic stay requires that all creditors and collection agencies immediately cease all contact with you. It also stops wage garnishment, home repossessions, and vehicle repossessions. The automatic stay was designed to provide filers with time to get a handle on their finances in a stress-free way.
When you file for bankruptcy, the Court decides what debt can be discharged, which means you no longer have to pay back the debt. Discharging unsecured debt is one of the primary tools used by the court to help persons file for bankruptcy start over financially.
Another key feature of bankruptcy is your ability to claim certain assets exempt from creditors seeking repayment. The state of Colorado has a generous list of exemptions that can help you protect personal property and even your vehicle. It’s a good idea to familiarize yourself with these exemptions and the dollar amounts associated with each category.
When you file for Chapter 7 bankruptcy, you must take a means test to determine whether you qualify. The Department of Justice has a means test web page where you can quickly run some calculations and determine whether Chapter 7 may be right for you. The idea behind the means test is to ensure that debtors aren’t filing Chapter 7 if they have the means to pay back their creditors.
If you ignore a creditor for long enough. They may seek to garnish your wages. Wage garnishment is a process where a certain amount of money is automatically withdrawn from your paycheck every month. Obviously, this is something you want to avoid at all costs and a very good reason to contact one of our Adams County bankruptcy attorneys as soon as possible.
When you file for bankruptcy in Arapahoe county, you’re required to attend a meeting of creditors, which is also sometimes called a 314 meeting. At the meeting, creditors are afforded the opportunity to ask you questions about why you’re filing for bankruptcy. In the vast majority of cases, your CO bankruptcy lawyer will be able to attend the meeting so that you don’t have to. It’s also common for creditors to skip this meeting.
Sometimes people who are under severe financial strain seek out loans from predatory lenders. These loans are often disguised in terminology such as payday loans, cash advance loans, check advance loans, or deferred deposit loans. No matter what you call them, they are all predatory loans that can turn your situation from bad to worse overnight.
Remember, there is no such thing as fast cash. Even though your intentions may be good and you’re seeking a payday loan in an effort to pay back another lender, the repercussions could be severe. Our Arapahoe County debt relief attorneys have little patience for predatory lenders and it’s our pleasure to help you seek alternatives to their unscrupulous tactics.
When you back up a loan with collateral, it is referred to as secured debt. If you fall behind on your monthly payments, the collateral could be collected by the lender. A prime example of secured debt is when you take out a loan on a vehicle where the vehicle acts as collateral. If you miss a few monthly payments, the lender may repossess your vehicle.
When you obtain a loan without collateral it is referred to as unsecured debt. Common examples of unsecured debt include medical bills and credit card bills. Because this debt is unsecured, the court has the authority to discharge the debt without any form of repayment. When you file for Chapter 7 bankruptcy, it’s likely that most or all of your unsecured debt will be entirely discharged.
Like most Americans, you are undoubtedly responsible with your money. Nobody goes to the car dealership with the intent of defaulting on the loan and nobody buys furniture for their home believing that they won’t ultimately have to pay for it.
One serious illness is all it takes to incur mountains of medical debt that becomes impossible to repay. Then, through no fault of their own, a person is left with no possible way to stay afloat financially.
These are all easily understood facts but most people still feel as though filing for bankruptcy is a cause for embarrassment. Nothing could be further from the truth.
The following statistics may help you better understand that debt is quite common in the United States of America, proving that there is nothing to be embarrassed about when filing for bankruptcy.
If you choose to file for bankruptcy, consider yourself in Good company. John Wayne, Thomas Jefferson, Mark twain, Walt Disney, and President Harry S. Truman all filed for bankruptcy.
To learn more about bankruptcy statistics, have a look at the experian.com consumer debt report from 2021 or browse through the information provided by debt.org.
With a population of just over 655,000 people, Arapahoe County is the third most populous county in Colorado. The county gets its name from the Arapaho indigenous people, who occupied the area when Arapahoe County was formed back when it was part of the Kansas Territory.
There are a lot of things to love about Arapahoe County, not the least of which is the historic Smoky Hill Trail, which runs from Atchison Kansas all the way to Denver Colorado.
Because Arapahoe County is a sprawling suburban paradise, there are countless restaurants, museums, shops, and other cultural landmarks spread out all over the region. It’s also growing fast, which means there are many job opportunities for families looking for a fresh start. You can check out the Arapahoe County website for more information about the region.
Because Aurora is partially located in Douglas County, Arapahoe County, and Adams County, you can see a large chunk of Colorado without ever leaving the city limits. Plus, each county has its own unique flair that truly makes the area unique.
Unfortunately, even people living in a suburban paradise sometimes experience economic hardship. When this happens, it may be a good idea to find out whether bankruptcy makes sense. If you have questions about bankruptcy, contact our Arapahoe County law office today.
If you’re tired of being in debt and being harassed by creditors who are never going to go away, now may be the time to consider filing for bankruptcy. It’s true that bankruptcy isn’t right for everyone, but there is only one way to find out if it’s right for you.
We offer a free consultation, which means you can talk to one of our experienced Arapahoe County debt relief lawyers today without cost or obligation. If you decide that you want to pursue bankruptcy, we will work with you to develop a set of goals and get the process started.
If you’re facing home foreclosure or your car has been repossessed, you don’t have any more time to lose. Every day that passes makes it less likely that we can help you resolve these issues.
Thousands of Colorado residents take advantage of bankruptcy law every year. Still, some people worry about what will happen to their credit score if they file for bankruptcy.
The vast majority of people find out that their credit score suffers less from filing for bankruptcy than it does from maintaining the spiral of unmanageable debt. In fact, many people are surprised by how quickly their credit score improves.
When you think about it makes sense because lenders only make money if debtors are able to pay it back. The better your credit score, the more likely you are to get a loan.
If you’d like to once again experience the joys of financial freedom, contact our law office in Arapahoe County today and let us help you take the first step.