bankruptcy
A Closer Look: Colorado Bankruptcy, Unemployment Track Decline
In this two-part series on Americans and debt, Denver debt-relief attorneys examine employment, foreclosure and bankruptcy trends across Colorado and the nation. While we are happy to report these three key indicators are all showing signs of recovery statewide, we also know that for many struggling Colorado families, the turnaround simply isn’t coming fast enough.
In their latest report, the Bureau of Labor Statistics indicates that 45 states, along with Washington D.C., each recorded unemployment rate decreases for the month of January, and that 48 states (District of Columbia included) registered unemployment rate decreases from a year earlier. In both instances, only New York saw an increase, while a handful of states saw no changes. Overall, the national jobless rate currently rests at 8.3 percent, down .8 percent since January 2011.
Across Colorado, the unemployment rate dropped one percent (from 8.8 percent in January 2011 to 7.8 percent in January 2012) during the last year. Between December 2011 and January 2012, Colorado ran second only to New Hampshire for over-the-month job creation with a gain of 19,500 jobs. The year-to-year comparison also showed modest growth of 43,400 jobs between January 2011 and January 2012.
A review of Colorado bankruptcy statistics published by the Administrative Office of the U. S. Courts indicate an ongoing decrease in the number of bankruptcy filings since reaching a peak in 2010. Between January and February of this year, there were 3,690 bankruptcy filings in Colorado. During the same time frame in 2011, records indicate there were 3,912 filings. Comparing the two captures: there have been 222 fewer filings in 2012.
The number of January-through-February Colorado bankruptcy filings since 2008 are as follows:
~ January and February 2012 bankruptcy filings: 3,690
~ January and February 2011 bankruptcy filings: 3,912
~ January and February 2010 bankruptcy filings: 4,050
~ January and February 2009 bankruptcy filings: 3,129
~ January and February 2008 bankruptcy filings: 2,493
Denver bankruptcy lawyers recognize that statistics indicating a bump in job growth and a decline in bankruptcy filings does not spell relief for the many families facing mounting credit card and other personal debt while fighting to stay out of a Colorado bankruptcy courtroom. At the Law Office of Jon B. Clarke, we bring decades of debt-relief experience and know how to help clients obtain a fresh start. To schedule a free consultation, call us at (303) 779-0600 today.
Bankruptcy Myths and Truths
Many individuals are leery of filing for bankruptcy because of the myths surrounding this kind of legal debt relief, but an experienced Colorado bankruptcy attorney can clear up any misconceptions about the process and effects of bankruptcy on your assets and credit. When swamped by debt, you need a qualified bankruptcy attorney on your side. Here are the three most commonly held misconceptions about bankruptcy and the truth behind them.
Myth: You Will Lose Assets With Bankruptcy
Many people believe that their assets like their home equity or their vehicle will be liquidated in order to pay creditors. However, many assets are exempt from liquidation in bankruptcy proceedings, and even nonexempt assets can be protected with the help of an experienced attorney. Debtors who file for Chapter 7 bankruptcy can often keep their homes, vehicles, retirement homes or other valuables like heirloom jewelry or antiques.
Myth: You Can’t Get Loans After a Bankruptcy Filing
After filing bankruptcy, many people think that they won’t be able to get a loan for a vehicle or renegotiate their mortgage because of the filing. However, many debtors who have filed will find that they are offered loans in the wake of their bankruptcy ruling. These loans may have higher interest rates than other loans, but it is still possible to be approved for a loan or mortgage after filing. Some government mortgages are also available two or three years after the discharge of a bankruptcy.
Myth: Short Sales of Property or Renegotiated Loans Are Alternatives to Bankruptcy
Many lenders will push debtors to renegotiate loans in order to avoid defaulting and filing for bankruptcy, or lenders might suggest a short sale of a property in order to pay off outstanding debt. These alternatives to bankruptcy might sound like a good idea in the short term, but often the new terms of a loan aren’t favorable or the proceeds from a short sale aren’t enough to cover debt. After these types of debt relief are finalized, many debtors end up filing for Chapter 7 or Chapter 11 bankruptcy anyway. An experienced Colorado bankruptcy attorney will be able to discuss better alternatives to bankruptcy or help you file so that you can discharge your debts and protect your assets.
Consumers with debt-related complaints have a solution
In a prior post, we discussed the biggest complaints that consumers have and how credit card and other individual debt-related issues consumed two of the top three spots on the “Top Consumer Compliant List.”
Threatening collection practices seemed to play the largest role in causing debt to rise so high on the complaint list along with collection confusion and errors that should have been easily detected and avoided.
Laws related to debt and debt collection are constantly being reviewed and changed as societal needs develop. The Credit CARD Act of 2009 created new requirements for disclosures and protections for credit card users, but according to consumers, it is not enough. Approximately 252,009 complaints were made to consumer protection agencies in 2010. Despite the new protections, consumers continue to experience deceptive practices.
Consumers are calling for even stricter laws against creditors who misbehave not just laws that provide more disclosure requirements.
Many governmental consumer agencies that participated in the survey admitted a sort of failure to handle the large number of complaints that roll into their offices daily. The failure, they say is largely due to the budget cuts that have occurred across the board. As their funding decreases, their staff size decreases, their resources decrease and they have trouble giving every complaint the attention it deserves.
“Consumer protection agencies need more funds to do their jobs effectively,” said the director of consumer protection for the Consumer Federation of America. “They provide essential public services, like firefighters and police, and deserve the same support.”
Source: Fox Business, “Auto Repair, Credit and Debt Issues Top Consumer Complaint List,” Aug. 3, 2011
Protecting Assets From Bankruptcy
When most people consider filing for bankruptcy, they just assume that they will lose all or most of their assets like real estate properties or vehicles, but an experienced Colorado bankruptcy attorney can help individuals retain assets by protecting them from creditors. The bankruptcy process can be complicated, so individuals should always speak with an attorney before attempting to protect assets on their own. Sometimes, an action that might seem to protect an asset from creditors can result in a denied bankruptcy claim, and an attorney will know the best course of action to take.
The first step to protecting assets is getting a clear picture of your financial situation. When you see a Colorado bankruptcy lawyer, you will need to have thorough records of your financials, as well as a complete list of both your assets and your debts. Begin by making a list of your assets. At this point, it can be helpful to know the present sale value of all your assets. To do this, check the Kelly Blue Book value of all cars and look up the current value of any homes or real estate property in your name, and make sure to include these values in your list. You should also bring any paperwork proving these values with you when you visit your bankruptcy attorney so they can get a clear picture of your situation and help you find debt relief.
In general, the way that individuals and attorneys protect assets from creditors is by getting the assets deemed “exempt” from bankruptcy filing. Before you visit your attorney, take the time to look at your assets and determine which ones you can live with losing and which ones you need to keep. Mark the important assets as exemptions to discuss with your legal counsel. Colorado, along with many other states, has caps on the amount of property that can be exempted from bankruptcy, so you may have to give up some assets in order to retain others. As always, your Colorado bankruptcy attorney can best advise you on these kinds of issues during a bankruptcy filing.
Consumers say debt-related issues cause them significant headache
Filing for bankruptcy protection is very helpful for people who have found themselves with too much financial stress to handle on their own. Often, individuals file after credit card and other kinds of debt become too high as a result of a change in economic circumstances like the loss of a job, large medical bills and many other situations.
Although filing for bankruptcy is helpful, most people did not plan to end there. They try to make the payments that they can, but when they are illegally threatened by creditors, it is hard to even want to pay. According to the most recent “Consumer Complaint List,” complaints related to credit card debt collection rank number two on the list, with other debt-related complaints trailing just behind in slot number three. Number one was auto-repair transactions.
According to consumers, credit card debt collection has gotten out of control despite laws that are supposed to protect them. Consumers reported that creditors were using highly offensive and illegal techniques like saying that they would kidnap their children unless they paid or extradite them to the Dominican Republic.
A lot of the threatening calls related to online loan applications. The major problem for some consumers was that the calls were being made for debts that were not even due. Many people had already paid off the loans while others said their information was obtained in a loan application process that they never even finalized.
Attorneys can help people with debt-related issues all the way from ensuring creditor workouts to dealing with threatening collection practices. Debt is stressful enough, but when you try to go about it alone, it can be even tougher.
Source: Fox Business, “Auto Repair, Credit and Debt Issues Top Consumer Complaint List,” Aug. 3, 2011
“Real Housewives of NYC” Star Filing for Chapter 11
Sonja Tremont-Morgan, one of the “real housewives” on Bravo’s hit reality television show, “the Real Housewives of New York,” has filed for Chapter 11 bankruptcy recently after a movie production deal went south, resulting in a $7 million debt. If you or someone you know is facing a large debt, even if it isn’t in the millions of dollars, a Colorado bankruptcy attorney can help you find debt relief.
Chapter 11 bankruptcy is the type of proceeding usually sought by high-income individuals and businesses with assets totalling in the millions. During these proceedings, Tremont-Morgan will work with judges, attorneys and U.S. Trustees to reorganize and sell some of her assets in order to pay off her debt. These assets include real estate properties in New York, Colorado and France.
In Chapter 11 bankruptcy, the assets and income of a high-income individual or business entity are reorganized and some assets are sold in order to pay off creditors. Often, this allows an entity to continue to operate or an individual to retain some assets after bankruptcy proceedings. According to sources close to the reality star, she has enough assets to cover her debt to the movie production company, and bankruptcy attorneys from both sides are brokering a deal to make this possible.
Divorce can also complicate bankruptcy proceedings. Alison Frankel of the Thompson Rueters News Network reports that Tremont-Morgan and her bankruptcy attorneys are currently in negotiations with the production company that spearheaded the movie deal, Hannibal Pictures, but her ex husband is holding up proceedings. The reality television star had also just gone through a high-profile divorce from husband John Adams Morgan, who is holding up bankruptcy proceedings by witholding assets. Representatives from Hannibal Pictures recently reported that their bankruptcy attorneys have filed a petition to get John Adams Morgan into the court room to discuss these assets and attempt to find an equitable resolution.
Colorado Forest Service works with sawmills to save timber industry
When a business fails to make a profit because consumers are not purchasing, we are not surprised when we hear that they are struggling to stay open. What about industries that do not rely solely on production and sales? Some industries rely on contracts that they bid upon and purchased. The businesses are obligated to remain in the contract and follow the terms.
The Colorado sawmill industry is filled with corporations that purchased timber contracts in 2000 when the economy was steady, stable and even booming. Many are now facing bankruptcy but looking for alternatives to filing. When the economy began to struggle and the timber market fell with it, the contracts simply became less than economically viable but the terms and conditions remained strict.
According to the Colorado Forest Service, default on the contracts could lead to serious consequences for the state of Colorado. The bark beetle epidemic has been coursing through the Rocky Mountain Region, killing trees and causing hazardous problems in the ecosystem. If the mills are forced to close, Colorado will not be able to keep up with the epidemic.
Representatives of the Forest Service announced this month that some of Colorado’s sawmills would be eligible for a mutual cancellation of contracts that are a serious financial liability.
“The forest product industry is struggling to stay in business,” said the acting Rocky Mountain Regional Forester. “Dead tress and trees at risk of beetle infestation across millions of acres in the Rocky Mountain Region pose risks to public safety, watersheds, critical infrastructure and create severe wildfire hazards…Ensuring a viable forest products industry is in the best interest of the Forest Service and the public.”
Representatives of the Forest Service announced this month that some of Colorado’s sawmills would be eligible for a mutual cancellation of contracts that are a serious financial liability. The plan is to review eligibility on a case-by-case basis, and those who cancel will not be penalized but will remain eligible to bid on future timber sales contracts.
Source: Summit County Voice, “Colorado’s struggling sawmills get some relief,” Bob Berwyn, Aug. 5, 2011
NFL punter Ray Guy hopes to reduce debt by selling Super Bowl rings
The National Football League lock-out has recently come to a close and many out of work free agents are now able to get back to work, to sign agreements that will provide them with necessary income. Although most of the players’ lives will probably go back to normal without a hitch, the entire situation reminded us that even highly paid professional athletes fear job loss and struggle with financial worries.
One of the most famous punters of all time, Ray Guy who played for the Oakland Raiders for over a decade from 1972 to 1986 of his highly successful career has decided to sell his several Super Bowl rings in an attempt to clear some of his debt as he possibly plans to file for bankruptcy.
The former punter plans to sell the three rings that he received for his participation in several Super Bowl victories. The first ring is from his first Super Bowl XI appearance in which the Raiders defeated the Minnesota Vikings 32-14. The second ring was earned in Super Bowl XV when he helped his team beat the Eagles. The third and final ring was given to him after the Redskins lost to the Raiders in Super Bowl XVII.
Guy hopes to bring in somewhere between $75,000 and $90,000 for the three rings, the predicted value that was listed in the auction release. As of now, the highest bid is $6,727, but the punter hopes that the auction will have a better outcome than his dream of being inducted into the football Hall of Fame.
Source: CBS Sports, “Ray Guy bankruptcy forces Super Bowl ring sale?” Will Brinson, 1 August 2011
Greece’s Financial Woes Have a Far Reaching Effect
The Greek financial crisis has been labeled a Greek tragedy by Time magazine in a story published in June. The far reaching effects may be spreading to other European nations as well. The blame is put on bad policies in the past, but the current world economy has its own influence on the Greek situation and even in our home state of Colorado. Home foreclosures, bad credit card debt and selling securities backed by inferior mortgages has led to quite a financial mess in the U.S. nationally and Colorado locally.
A person facing large tax liens on their home, or a mortgage that’s impossible to meet due to unemployment, medical problems, or any other situation should seek the advice of a Colorado bankruptcy attorney. The idea of bankruptcy brings a shudder to many people, but once it is explained by an expert in the field it may lose some of its negative implications.
Bankruptcy is not for everyone and a Colorado bankruptcy attorney knows that. Whatever the best plan of action for your particular situation is, your attorney will explain the legal reasoning behind it and give you the proper steps needed to implement this plan. Attention to your situation is what is needed. Dodging phone calls and never getting back to those who leave messages only worsens the problem.
There may be solution to your problems that needs to be started immediately, but your ignoring of the situation could cause this opportunity to pass by. Meeting with a Colorado bankruptcy attorney will give you the feeling of taking control of your life again. It is better to be proactive when you have so many creditors that want to file judgments and liens against you. You need another person on your team to face these creditors. The team mate you want has the skill and the knowledge to get you through this financial crisis. Your problems may not be anywhere near those as complicated as Greece, but not properly handling them with the help of your Colorado bankruptcy attorney could lead to you own personal tragedy.
Medical Expenses Lead to a Great Number of Personal Bankruptcy Filings
Forbes magazine last March cited medical costs as the number one reason for filing personal bankruptcy. It’s a good chance that after this year’s statistics come out, the story will remain the same. Even with new legislation making health care insurance more available taken into consideration, medical costs are still rising with no end in sight. The situation in Colorado will most likely mirror the rest of the country. If it doesn’t, all that will mean is some other reason will be the number one cause for personal bankruptcy.
If medical bills or any other unforeseen financial situation has caused you to be late with your credit card payments, utility bills, and mortgage; bankruptcy may be your only alternative. Meeting with a Colorado bankruptcy attorney will be your best chance to get out from under your current situation. The number of phone calls requesting when payments can be expected can be hard to take. Ignoring them is no solution. You need to get information on what a person can do to slow the avalanche of payment requests and pestering phone calls.
The Colorado bankruptcy attorney can tell you if you qualify for filing and give you information on all the pluses and minuses when declaring bankruptcy. It is true that your credit rating will be affected, but there is plenty of damage that your late payments have already done. The best strategy for repairing this damage is what you will need. The Colorado bankruptcy attorney can give advice on what steps are needed to put that strategy into motion.
Saving your home will probably be your number one priority. If you are not behind in your mortgage, maybe a reorganization of all your other debt can be arranged. This reorganization will then help insure that you don’t have to start skipping mortgage payments because your other debt has continued to mount. Too many people get paralyzed by all the hopelessness that financial problems can cause, especially when it is compounded by having to fight through a medical problem. The stress of medical illness along with that of financial anxiety must be alleviated. You can accomplish this by meeting with a Colorado bankruptcy attorney and making out a plan to improve your financial future.
Why do people carry substantial credit card debt?
People suffer from overwhelming debt for many different reasons. Even though they may have good intentions about resolving their debts, sometimes people get discouraged if they do not see immediate progress. Certain factors may prohibit people from getting out of debt, such as when a job is lost, or if medical expenses become necessary.
Other people are persuaded, however, by believing that carrying substantial debt is normal. The following are other reasons why people may hold on to a significant amount of debt instead of seeking ways to resolve that debt:
- They spend beyond their means. The old adage, “the more you have, the more spend” certainly seems to ring true in many cases. Sometimes having a slightly higher income causes people to believe that they can spend more than they should. The people with the highest debt levels often have the highest income levels as well.
- They believe that they will need a windfall to pay off debt. Many people’s debt is so massive, the only way they can imagine paying it off is by inheriting a windfall, such as by winning the lottery or by inheritance. However, this does not have to be the case, especially if bankruptcy is used as an option.
- They operate on the belief that credit cards help build credit. While good credit is earned by borrowing and paying off balances on time and in full, carrying large loads of credit that you can barely make payments on is not a good financial strategy. In order to avoid getting into financial trouble, spend cash on purchases whenever possible.
Today’s culture has certainly convinced many that living on credit is okay. If you have been a victim of this theory and have acquired substantial debt, this does not mean that you are a bad person. If you recognize that your finances have gotten out of control, you should seek help to get out of debt. Bankruptcy can be an option. Once debt is eliminated, you will be given the opportunity to learn how to live within your means and live a debt-free life.
Source: NewsChannel5.com, “6 myths of financial independence,” Andrew Housser, 6 July 2011
Onetime World’s Richest Divorcee Has Filed for Bankruptcy
Time magazine reported on line June 23, 2011 that the onetime “worlds richest divorcee” Patricia Kluge was filing for bankruptcy. Her divorce settlement in 1990 was reportedly for 1 billion dollars. It sure seems like no one is safe from financial problems in our country. The state of Colorado has seen its fair share of bankruptcy filings the past three or so years and if you have been at a loss in solving your financial problems a consultation with a Colorado bankruptcy attorney may offer some answers.
The long barrage of phone calls asking for money you do not have can be taxing and non productive for both you and the callers. A meeting with a Colorado bankruptcy attorney will help you clarify what options you do have. If you are falling behind in taxes or your mortgage the sooner you meet with one of these experts the better. Time may be running out on your chance to save your house from your mortgage company or tax liens. If credit card debt is your main problem there are ways to handle that as well.
There are two kinds of bankruptcy you can file. Your Colorado bankruptcy attorney will determine which one will be the best for you. The reorganization of your debt is just one of the things they can help you with. Filings for bankruptcy are up and an experienced attorney will be able to expedite all the paperwork necessary to help you get a better handle on your financial situation.
It’s possible that you may not need to declare bankruptcy. You can count on the Colorado bankruptcy attorney to give you the best advice possible for someone in your particular situation. They craft different plans for every client and the personal touch is one of the many things they offer. Contact a Colorado bankruptcy attorney for their expert help.
Denver’s Dish Network set to purchase TerreStar Network for $1.375 billion
Fortune 500 company, Dish Network Corporation, with headquarters in Denver, Colorado, has experienced success despite the recessed economy. The communications corporation has made several large purchases of businesses in financial trouble including DBSD North America earlier this year for approximately $1.4 billion and Blockbuster Inc for nearly $320 million.
According to sources that remain anonymous pursuant to the private sale, Dish Network is at it again. On June 15, 2011 Dish Network submitted a bid for TerreStar Networks Inc, a corporation which filed for bankruptcy protection back in October of this year.
A bidding deadline of 5:00 p.m. passed this Monday, June 27, 2011 with only one offer on the table from Dish Network Corporation for $1.375 billion. TerreStar’s purchasing draw has been their innovation in marketing the first satellite smartphone and their spectrum of approximately 20 megahertz.
Although the billion dollar bid is currently the only one in play, there is a remote possibility that the court could allow another bid to be entered past the Monday deadline. Any new bid, however, would have to be at least $55.5 million over the bid submitted by Dish Network Corporation pursuant to the bankruptcy procedures set out by the bankruptcy court in New York. The higher bid would have to include a $27.5 million “breakup” fee that would have to be paid to Dish Network, the corporation with the “stalking horse” bid.
There is a sale hearing on the bankruptcy court docket for July 7, 2011. Until that point, the definite future of the bankrupt business remains unknown.
Source: Reuters, “Dish stands alone in TerreStar bid,” Nick Brown, 27 June 2011
Banning Lewis Ranch debate continues as bankruptcy sale is approved
As part of our blog, we’ve been following the Banning Lewis Ranch bankruptcy story. Banning Lewis Ranch is a large 21,500-acre complex in Colorado Springs. The companies Banning Lewis Ranch Co and Banning Lewis Ranch Development I and II submitted a Chapter 11 bankruptcy petition last October in Delaware where the businesses are incorporated. Late last year, we discussed the efforts by Colorado Spring officials to have the bankruptcy case relocated to Colorado in light of the large role the ranch plays in the community.
Although Colorado Springs officials never succeeded in moving the bankruptcy case to Colorado, the petition has made significant strides through the Delaware Bankruptcy Court. Last April, facing growing pressure from its creditors, Banning Lewis Ranch Co. petitioned the court for permission to sell the Colorado Springs property through a bankruptcy auction. This week a Delaware judge approved the petition, but must still consider an objection filed by the city of Colorado Springs which aims to block the sale.
In 1988, Colorado Springs officially created an annexation agreement with the Banning Lewis Ranch, which explains the city officials’ strong interest in the future of the property. The original agreement states that owners of the ranch have certain responsibilities to the city-such as providing roads and public services on their property-but a sale may alter these provisions.
Colorado Springs officials claim that 180,000 city residents could eventually reside on the Banning Lewis Ranch. The recent ruling permitting the sale of the ranch does not address the city’s concerns, but some observers believe that a Delaware bankruptcy judge will rule on the matter if the new owners attempt to change the original annexation agreement.
Source: The Gazette, “Judge gives green light to Banning Lewis Ranch sale.” Rich Laden, 24 May 2011
More Music Related Bankruptcy News
It isn’t just the city of brotherly love where the arts are having a difficult time making ends meet. The very popular and incredibly talented Syracuse Symphony just filed for chapter 7 bankruptcy protection early last week. The bankruptcy seems to be moving forward and a meeting with creditors, including season ticket holders for the concert series, is already scheduled. In light of the terrible news of the bankruptcy filing and a number of lay offs the musicians are still trying to make the best of what seems to be a very bad situation by attempting to schedule shows during the summer to fill the musical void that will be created by the absence of the symphony.
Businesses, individual, celebrities, athletes and major organization are all susceptible to suffering financial problems. Bankruptcy isn’t always the best possible solution for every situation where financial problems exist though. Taking quick action and consulting with an experienced Colorado bankruptcy attorney as soon as financial problems become evident is the best way to solve financial problems before they become a full blown crisis.
An experienced Colorado bankruptcy attorney will likely be able to provide you with a number of potential options for clearing up your personal of business related debt. By hiring a qualified financial professional like a Colorado bankruptcy attorney at the very first sign of financial problems you will be able to ensure that you embark on the very best possible path for clearing up your financial problems and that you’ll will be free of excessive financial obligations and problems as soon as possible.
Keeping Operations Going During Bankruptcy
The Philadelphia Orchestra has been struggling financially for sometime, so much so that musical mainstay in the city of brotherly love has filed a petition for chapter 11 bankruptcy protection. The amazing musicians may be down financially, but recent actions prove that they are certainly not out. The Orchestra will continue playing concerts for the remainder of the 2011 season despite the fact that the final curtain may close once the bankruptcy proceedings have been finalized.
Filing a petition for bankruptcy doesn’t always necessarily mean that a business will have to cease operations. Depending upon the specific details of the situation, the level of secured and unsecured debt and the level of income some business may be eligible to continue on with operations while taking the necessary steps to clear up debt with their creditors.
If your business is experiencing financial difficulties you should reach out to an experienced Colorado bankruptcy attorney as soon as possible. A Colorado bankruptcy attorney will carefully examine every detail of your business and personal debt in an effort to provide you with every possible avenue of debt resolution. Once all of the possible options are presented your Colorado bankruptcy attorney will help you weigh the pros and cons of each so you can select the most appropriate course of action for making your business debt free. With a Colorado bankruptcy attorney you’ll ensure that you are on the fastest and most effective path for repaying your creditors and that you’ll be debt free in as little time as possible.
Borders Determined to Survive Bankruptcy
One of the countries largest book sellers was forced to file for bankruptcy protection earlier this year but despite taking more than fifty million dollars in losses since February and having to close hundreds of stores as part of reorganization, the CEO says that company is determined to continue operations. A new business plan for a smaller, stronger and more profitable Borders was presented to publishers last week and the company will know if they have the support they’ll need to move forward by the beginning of summer.
Having to file for bankruptcy protection is both daunting and frightening, but even financial problems that are serious enough to file a bankruptcy can be resolved. The best way to approach financial problems is to seek out the advice of a qualified professional as soon as problems become evident.
A Colorado bankruptcy attorney will be able to take an in depth look at your current financial situation and present you with the best possible options for resolving your debt. Even if filing for bankruptcy protection isn’t necessarily the most appropriate option for your financial situation a qualified Colorado bankruptcy attorney can help to point you in the best direction.
Enlisting the help of an experienced Colorado bankruptcy attorney will help to ensure that you embark on the right plan to help alleviate your financial problems as quickly as possible. Making the best choices for debt resolution and starting your debt resolution plan as early as possible are the best ways to minimize the stress and headaches that often come with financial problems.
Bankruptcy Rates are Down but Residents of Many States Still Struggling
Bankruptcy filings in April dropped from the number of filings in April of 2010 and there were ten thousand fewer filings in April as there were in March of this year. This is a good sign for the country as a whole but, despite the continuing downward trend, some states are still far above the national average.
The national average of bankruptcy filings per one million adults is around 2,000 but the average in Nevada is more than twice that in Nevada and more than one and a half times that is a handful of other states. These statistics show that Americans in many states across the country, including Colorado, are still having difficulty managing tough financial situations.
If you are experiencing financial problems you shouldn’t wait to take action and begin to formulate a plan to resolve your debt and work to get your finances back in order. Reaching out to an experienced Colorado bankruptcy attorney should be your first step when trying to figure out the best possible method for rectifying your financial problems.
An experienced Colorado bankruptcy attorney will carefully analyze your financial situation to determine what options may be available for resolving your debt. If you address your financial problems early on instead of waiting until the problem has grown out of control there is a good chance that there will be many possible options open to you for debt resolution. Your experienced Colorado bankruptcy attorney will help you identify the most appropriate method of debt relief so you can immediately begin the process of repaying your creditors and becoming debt free.
Coping with the Possibility of Bankruptcy
A quick look at both the current and past headlines of bankruptcy news will let you know that almost no one is completely safe from the possibility of financial problems. Major book sellers, millionaire moguls, major supplement manufacturers, clothing retailers and even world famous orchestras have all had issues with finances and been involved in bankruptcy filings.
Going through personal or business related financial problems can present a very scary scenario, but it is much easier to deal with your problems if you decide to take action sooner rather than later. Contacting an experienced Colorado bankruptcy attorney during the early stages of your financial difficulties may be able to help you work things out and resolve the bulk of your debt prior to having to take any drastic actions.
Some financial situations can be difficult to figure out. If you are a small business owner who hasn’t been diligent about keeping your personal and business finances separate, determining the best course of action can be a challenge without the help of an experienced professional. Your Colorado bankruptcy attorney will be able to take stock of your debt, income and assets in order to develop the clearest possible picture of your debt and the best possible way to go about solving it.
If, after reviewing your unique financial situation, your Colorado bankruptcy attorney determines that filing for bankruptcy protection may be the best method of clearing up your debt he will help to guide you through the entire process with the fewest possible headaches or problems along the way.
Bankruptcy: All Over the News
It isn’t just major and minor retailers that are filling the headlines with news of pending or active bankruptcy protection filings – celebrities, towns and entire states are talking about the possible benefit of filing for bankruptcy protection. With so many individuals, companies and organizations initiating a bankruptcy filing in order to clear up their financial troubles it’s only natural to feel as though filing for bankruptcy may be the best route for you to follow in order to get out of your financial troubles.
In reality though every person’s and business’ financial difficulties are unique and just because others who have had financial issues reminiscent to yours have repaid their creditors or absolved their debt with the help of bankruptcy it doesn’t necessarily mean that bankruptcy is the correct choice for you. If you are having financial problems you should reach out to an experienced Colorado bankruptcy attorney in order to determine the most suitable course of action for your situation.
A Colorado bankruptcy attorney will closely evaluate your level of personal or business debt in an effort to find all of the potential relief options available to someone in your situation. By providing you with a wealth of information on a number of different debt relief options your Colorado bankruptcy attorney can help you find the single best option for your unique financial situation. With the help of a Colorado bankruptcy attorney you can feel confident that you are embarking on the right path toward debt relief and that your financial problems will soon be resolved with as few headaches as possible.