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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.
In some cases, the financial challenges people face may be too overwhelming to deal with unassisted. In the worst-case scenarios, certain aspects of what they’re experiencing may not even be legal whether individuals are aware or not. To help combat these situations, it’s always a good idea to be aware of the legal financial guidelines that exist in Colorado, especially with regard to the code of conduct businesses and banks are expected to follow. When people need even more help, there are financial law lawyers who are able to help with issues in debt or bankruptcy in more challenging circumstances.
Understandably, the thought of additional legal expenses can be daunting when you’re already facing financial struggles. However, it’s important to note that not all situations require legal intervention. For instance, in simpler debt circumstances, you may be able to resolve on your own or with the guidance of a financial advisor, making legal intervention unnecessary.
On the other hand, in more complex situations where other parties may not be abiding by state laws, such as Colorado consumer lending laws for example, the only way residents may get the resolution they deserve and are legally entitled to is by seeking the help of an experienced legal professional. El Paso County residents should consider working with an El Paso County financial law attorney if:
As far as the concerns of expenses go, while it is true that most lawyers do not work for free, there are different methods of handling payment depending on circumstances. The usual rate of charging by the hour, for example, may be negated in some cases, shifting instead to being paid “on contingency.” Contingency means attorneys are only paid if there is a successful resolution to the case. In other matters, an El Paso County financial law or bankruptcy attorney may choose to receive a flat fee upfront and, upon receipt, get to work on the case.
A financial law or bankruptcy attorney in El Paso County can help with numerous financial-related issues, such as:
While creditors are legally empowered to contact an El Paso County resident and inquire about payments for debts, there are strict laws at the Federal and state levels about how creditors and their debt collectors are permitted to act in the execution of their obligations. Unfortunately, sometimes overzealous creditors may rely on the ignorance of El Paso County residents 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, while debt collectors can legally contact and inquire about payments, they cannot threaten, insult, or deceive an El Paso County resident. 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 who suspects that a creditor’s actions are harassing should seek the help of an El Paso County financial law attorney.
Bankruptcy is a form of financial protection, organization, and management for people or businesses that have more debt than they can manage. While there are general guidelines for bankruptcy in the United States, there are also some specific laws and regulations governing bankruptcy at the state level, and Colorado is no exception.
Different types of bankruptcy apply to specific financial situations. Chapter 7 bankruptcy is used when there is no clear path for debt repayment through existing funds. Liquidation, in this case, means selling assets such as business, office equipment, and furniture to repay and discharge the person’s debts. Both private individuals and businesses may qualify for Chapter 7 bankruptcy.
Chapter 13 bankruptcy, also known as a “wage earner’s plan, is a less extreme form of debt management. In this circumstance, the person with debt also happens to be employed with a steady income.
Because of this, Chapter 13 bankruptcy instead discharges a person’s debt by creating a debt management plan, breaking up debt into installments and stretching this out between three and five years. Once all the debt has been paid, the El Paso County resident is discharged from that debt.
Provided that an individual can claim a reliable, steady income and the total debt is less than $2.75 million, the court will grant Chapter 13 bankruptcy provided all additional legal requirements are observed.
For some, the legal process of debt repayment may carry burdens that hadn’t been anticipated. Wage garnishment, for example, is a process where an El Paso County resident has been legally proven to have defaulted on debt payments, such as missing child support payments. As a result, a portion of the resident’s salary is legally collected on behalf of the state to pay those debts.
Current Colorado law allows a maximum of 25% of a person’s weekly income to be garnished. If wage garnishment proves more challenging than expected a debt attorney in El Paso County may be able to help manage the amounts.
Perhaps one of the most upsetting experiences an El Paso County resident can have is missing mortgage payments to the point that the property is foreclosed upon by their mortgage lender. Like other states, Colorado has its own set of foreclosure laws, but not every business or financial organization is acting in good faith.
There are times when a foreclosure is less than straightforward and may even be illegal. A financial lawyer can help to resolve this situation and sometimes even help people retain their homes.
Credit cards are practically a necessity in modern American life, especially for any El Paso County resident who plans to make purchases online, rent a car, or book a hotel stay. However, the ease of credit cards can also quickly spiral out of control with just a little carelessness, causing significant credit card debt. It’s an unfortunate fact that Colorado ranks #1 in the country for credit card debt.
While there are programs in Colorado to help manage credit card debt, some situations are so complex or large in scope that they may require the help of a financial law or debt attorney in El Paso County to resolve.
Generally, in Colorado, repossession means seizing a vehicle if too many payments are missed. This doesn’t happen overnight. However, there is a legal process a debt collector must go through before being permitted to seize a vehicle.
If you’ve fallen behind on payments and have had a car repossessed or are at risk of a repossession, an El Paso County debt attorney may be able to help. There are other alternatives, such as declaring certain forms of bankruptcy, that can protect you from repossession.
In most cases litigation attorneys will handle a lawsuit but there are some instances, such as when a debt collector instigates a lawsuit, when someone with financial or legal experience handles matters better. Financial law attorneys can be invaluable in these instances, as the nuances of a lawsuit or the threat of a lawsuit from debt collectors and other agencies may require in-depth financial law knowledge.
Unfortunately, while America is one of the most medically advanced countries in the world, the cost of treatment can quickly spiral out of control for those without solid healthcare plans from employers. Medical debt is one of the more distressing experiences people can have, as costs can skyrocket while a person’s life may be hanging in the balance.
El Paso County debt attorneys can help during such an upsetting period and may be able to help people transition through the bankruptcy process to protect their health.
Loans from financial institutions other than banks may often be easier to get, but just as often come with higher interest rates and other conditions that can leave people in financial trouble. If the additional fees and other conditions are accumulating, and loans from such companies are growing even without asking for a further loan, it may be time to bring in a financial or debt attorney in El Paso County to help.
Erin Lane is ready to help El Paso County residents with their debt challenges. Originally founding a financial law practice in Washington State known as the Washington Law Group, she is expanding her legal experience to residents of Colorado.