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Jefferson County is the fourth most populous county in the state of Colorado, with cities like Lakewood and Arvada bringing most of the population numbers. The county is a bustling environment for families wanting a solid education or even people looking to start a small business to one day compete with the Fortune 500 companies of the area.
However, as dynamic as Jefferson County is, there is no guarantee of trouble-free finances. Fortunately, there are legal guidelines in Colorado, especially with oversight for the code of conduct businesses and banks are expected to follow. Unfortunately, there are also times when a financial situation becomes too overwhelming or even threatening to handle alone, and it’s time to seek help from a legal professional like a financial law attorney in Jefferson County.
While simpler financial situations are best handled by the people involved, some circumstances are too complex or may even involve other parties not adhering to regulations such as Colorado consumer lending laws. People should consider seeking the assistance of a Jefferson County financial law attorney in the event of:
Of course, if a legal situation involves debt, there may be concerns about the additional cost of legal help. However, different methods of payment exist. Contingency, for example, is a type of payment system where a lawyer collects payment only if a case is won. In other instances, a lawyer may opt for a flat fee upfront, and of course, there is also the traditional hourly rate. Much of this will depend on the legal situation and the decision of the lawyer, but it’s not a given that a financial or bankruptcy lawyer in Jefferson County is unaffordable and out of reach.
In fact, a Jefferson County financial law or debt attorney can help with numerous financial situations that wouldn’t be considered “high profile,” such as:
If a Jefferson County resident owes money to a creditor, that creditor is legally permitted to pursue that payment. However, strict laws at the Federal and state levels govern how creditors and their debt collectors are permitted to act when trying to get payments. Unfortunately, some overly zealous creditors or their debt collectors may rely on Jefferson County residents’ ignorance of their consumer rights. They may subject people to illegal treatment, hoping residents will not realize or act on a violation of rights.
For example, debt collectors are legally empowered to contact and inquire about payments. However, those inquiries cannot involve threats, insults, or deception of a Jefferson County resident. Phone calls also can’t be made very early in the morning or late at night, nor can they be made at places of work if employers have a policy in place. Anyone experiencing these or other types of extreme treatment should get the help of a Jefferson County financial law attorney.
Bankruptcy is a legal process involving the organization and management of debt so that people can eventually be discharged of that debt with official government recognition. There are general guidelines for bankruptcy in the United States, but of course, the states themselves have much autonomy in creating region-specific bankruptcy regulations, and Colorado is no exception.
It’s important to note that bankruptcy is not just “one thing” but there are many different types of bankruptcy. Chapter 7 bankruptcy is the category most often used if it seems like a person in debt has no income streams that could help manage what is owed. In this case, the solution is liquidation, or the selling off of assets like properties or belongings.
Chapter 13 bankruptcy is sometimes called a “wage earner’s plan and is a less severe form of bankruptcy debt management. However, it relies on the person in debt still having access to a reliable, preferably fixed means of income such as drawing a monthly salary from an employer.
In this situation, Chapter 13 bankruptcy discharges a person’s debt by organizing a debt management plan, structuring repayments between three and five years, and using payment installments similar to car loans or mortgage payments. If a Jefferson County resident can verify a steady income and the total debt is less than $2.75 million, the court will grant Chapter 13 bankruptcy.
Wage garnishment sets in when a Jefferson County resident is legally proven to have missed mandatory payments, such as child support payments. Subsequently, a portion of the person’s salary is now held back from the recipient and given to the state to pay back the debt.
Colorado law currently caps a maximum of 25% of a person’s weekly income if wages are garnished. However, this may prove to be more challenging than a person has anticipated, resulting in the accrual of more debt if they should miss other payments. Should this prove more challenging than expected, a debt attorney in Jefferson County may be able to reassess and change terms.
The one experience most Jefferson County homeowners would regard as a disaster is losing possession of their home because they were unable to keep up with mortgage payments. This is known as foreclosure, and it gives the lender—often a bank—holding the mortgage the power to sell the home in an effort to recover that debt. As with other states, Colorado has its own set of foreclosure laws, but sadly, not every business or financial organization adheres to these regulations in good faith.
There may be situations where a foreclosure seems suspicious and may even be illegal. A Jefferson County financial lawyer may be able to help navigate this situation and sometimes even help people retain their homes.
Credit cards have become practically mandatory in modern American financial life. Unfortunately, the ease of credit cards can also lead to a quick spike in debt if not handled with care. This is especially true here, as Colorado ranks #1 in the country for credit card debt.
There are programs in Colorado to help manage credit card debt. However, some situations are serious or complex enough that outside help, such as an assessment from a financial law or debt attorney in Jefferson County, may be needed to resolve the situation.
Repossession in Colorado most often refers to vehicle seizure, but only if too many payments on a loan are missed. However, this isn’t something a creditor or debt collector can do on impulse; there is a legal process a company must observe before repossession is permitted and not treated as theft.
People who have fallen behind on payments and face a car repossession or are at risk may find alternatives with a debt attorney in Jefferson County. Declaring certain forms of bankruptcy, for example, can leave cars off limits to conventional repossession.
Typically, a lawsuit should be handled by a litigation attorney. However, there are certain legal situations, such as a debt collector instigating a lawsuit, where someone with financial and state-level legal experience is better qualified to resolve the problem. Financial law attorneys in Jefferson County can be very helpful, as the nuances of a lawsuit or the threat of a lawsuit from debt collectors may require comprehensive financial law experience.
Americans have access to some of the most advanced and comprehensive medical treatments in the world, but this comes with a steep price tag. Debt from medical bills can become catastrophic for those without a solid healthcare plan from an employer, especially if they have a medical condition that requires ongoing treatment.
Jefferson County debt attorneys can be crucial in helping people in need transition through the bankruptcy process while retaining access to their healthcare.
Banks aren’t the only organizations that offer loans; other companies provide a quick “advance” on a month’s salary often known as a “payday loan.” However, these lower requirements and easy approvals often come with higher interest rates and other conditions that can leave people in financial trouble if things get out of control. Additional fees and other conditions can leave a person in greater debt, even without taking out an additional loan.
Colorado is already trying to address these conditions, but loan companies find and exploit new loopholes all the time. In some cases, the amounts owed can climb drastically. Those who find themselves caught in this situation may get help from a financial or debt attorney in Jefferson County.
Erin Lane is here to help Jefferson County residents with their debt situations. As a founding member of the Washington Law Group, a law practice in Washington State, she is bringing her financial law experience to residents of Colorado. She is prepared to provide legal assistance to anyone who finds themselves overwhelmed by debt or other legal consequences they may face from certain financial challenges.