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Since you’re reading this webpage, you’re probably wondering if bankruptcy is an answer to your current debt issues. Take a moment to answer a few simple yes or no questions–
If you’ve answered yes to any of these questions, bankruptcy may be the best option for you.
Financial problems can consume your thoughts and cause you and your family immeasurable stress. You might dread answering the phone or opening your bills. It doesn’t have to be that way. Our team of experienced Lakewood bankruptcy attorneys can help you find a debt relief solution that can get you out of seemingly endless credit card debt.
We want to let you in on a little secret– credit card rewards are a (totally legal!) scam.
Many Colorado residents sign up for specific credit cards based on their perks, whether it’s free airline miles, pennies off of gas for your car every time you fill up, or those cash-back rewards, it’s all about the benefits!
And while credit card reward programs are legitimate, most people who sign up for these cards overlook more important elements, like APR and annual fees because the rewards themselves are the goal.
There’s nothing wrong with wanting to enjoy the amenities that come with your credit card. The problem lies in using your credit cards for everyday purchases to quickly accrue rewards points, causing you to rack up a big monthly balance that many Lakewood residents may struggle to pay off.
Another secret credit card companies don’t want you to know? They count on their customers only making minimum credit card payments. Interest accumulating on your balance is how these companies make money, after all.
If you’ve amassed a large credit card balance that you’re struggling to pay off, bankruptcy may be a viable option for you. Speak with one of our experienced Lakewood debt relief attorneys today for more information on your debt relief options.
If you’re questioning whether bankruptcy is the right solution to your mounting debt, our Lakewood Bankruptcy lawyers urge you to consider other debt-relief options. During your free case consultation, our team of legal professionals can help you devise the right plan of action. A debt relief agency may be the most beneficial solution to your debt problem, however, we recommend you do your due diligence when selecting a debt relief agency.
While many of these companies are upfront and above board, some exist solely to prey upon desperate people who are searching for fast and easy debt relief.
One of the most prevalent debt relief scams in Jefferson County preys on Coloradans with student loan debt. Almost 750,000 residents of Colorado are currently strapped with some amount of student loan debt. And because student loan debts don’t generally get covered by filing for bankruptcy in Colorado, many desperate people are falling for these predatory debt relief company cons.
As a matter of fact, student loan debt relief scams are so prevalent that the Office of the Attorney General has released a warning about these specific fraudulent companies on their website.
Another shady tactic predatory debt relief agencies will use is that they ask you to cancel all your credit cards or set up an escrow account and make monthly payments to them through the account. These companies actually use the escrow account to pay your credit card’s minimum amount due skimming off the top for as much money as they can until you have enough money in the escrow account to leverage a debt settlement with a credit card company.
However, by the time you’ve accumulated enough money to allow your debt settlement company to convince a creditor to accept a debt settlement, you could have hired an attorney and saved thousands of dollars through bankruptcy.
Again, we stress that not all debt relief agencies are out to swindle you out of your hard-earned money. The Colorado Uniform Debt Management Services Act (DMSA) regulates companies that offer and provide debt management services to Colorado residents. Use a trusted non-profit website like InChargeDebtSolution.org as a resource to find reliable debt relief agencies in Colorado. Or contact one of our knowledgeable Lakewood bankruptcy attorneys today to figure out which avenue of debt relief is right for you.
When you hear the word bankruptcy, what are the first words that come to mind?
For many, those first words are “credit card debt!” If that sounds like you, we have good news! In almost all cases your unmanageable credit card debt can be eliminated or extremely reduced in both Chapter 7 and Chapter 13 bankruptcies in Jefferson County.
Chapter 7 bankruptcy is the most common form of bankruptcy in Colorado and is frequently referred to as “liquidation bankruptcy” or “simple bankruptcy.” When you file Chapter 7 in Lakewood, all of your non-exempt property can be sold by a court-appointed bankruptcy trustee to partially or fully satisfy your debts.
However, given the very generous exemptions available to Coloradans the vast majority of Chapter 7 filings are “No Asset” cases, meaning the Chapter 7 bankruptcy trustee liquidates nothing. Following the trustee’s administration of the Chapter 7 case, most unsecured debts are discharged, or wiped clean. And just to really bring the point home, what is the most common type of unsecured debt in bankruptcy cases filed in Jefferson county? If you answered credit card debt, you’re correct!
The other personal bankruptcy filing available to individuals seeking debt relief is Chapter 13 bankruptcy, also known as a “wage-earners bankruptcy.” Chapter 13 works a little differently than Chapter 7 to discharge unsecured debts like credit card debt. Chapter 13 bankruptcy offers certain benefits such as property protection and debt discharge in exchange for a promise to pay back all or a portion of your debts through a court-approved payment plan.
Chapter 13 does not necessarily require full repayment of all debts — only past-due secured debts and priority debts, such as child support or recent income taxes must be paid in full. The amount you repay is based on your financial situation, including your income and the amount and type of debt you owe. At the end of your repayment plan, any leftover unsecured debt is discharged or erased.
Don’t waste another day buried by credit card debt. If you would like more information about how Chapter 7 or Chapter 13 bankruptcy can help you erase your credit card debt, contact one of our experienced Lakewood bankruptcy attorneys today for a free case consultation.