debt consolidation
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.
April 2011 shows 16 percent decline in commercial bankruptcy
During the month of March, financial experts predicted that the bankruptcy rate was once again on the rise, much to the dismay of many American home and business owners who have been hopefully awaiting economic recovery. However, new reports indicate that Americans may have reason to hope once more. Data shows that the March results may have been a false indication of the nation’s financial condition.
Researchers have recently submitted bankruptcy statistics for the month of April and the news is encouraging, especially for business owners. The total number of bankruptcy petitions during April declined by three percent since March and by seven percent since the same time period one year ago. Furthermore, Americans filed 16 percent fewer commercial bankruptcy petitions this past April than April 2010.
The data, collected by Epiq Systems Inc., indicates that all but two states-Utah and New Jersey-have decreased their bankruptcy rate since last year. This news is especially encouraging considering how the number of bankruptcy filings nationwide has been steadily increasing for the past several years. During 2010, Bankruptcy Courts recorded the most petitions since 2005 when pending bankruptcy law changes drove many people to consider filing for protection.
While these early numbers have prompted some optimistic predictions for 2011, the statistics also show that Americans are not out of the woods yet. For example, April recorded more bankruptcy filings than all but one other month so far this year.
Although fewer Americans are submitting bankruptcy petitions, especially within the business community, many companies and individuals may find themselves in need of a little extra assistance to ride out what is hopefully the end of our nation’s current recession. In these cases, a bankruptcy attorney can walk clients through their options, including viable alternatives to bankruptcy such as debt consolidation.
Source: Bloomberg, “Vitro, Madoff, Timothy Bixseth, Asbestos Case: Bankruptcy.” Bill Rochelle, 6 May 2011
Evaluating your Unique Financial Situations with a Colorado Bankruptcy Attorney
Depending upon the specific details of your individual financial situation, some approaches to debt resolution may be far better than others. In order to determine the best course of action for your specific situation it helps to have your finances closely evaluated by a professional with extensive experience in matters of debt resolution.
You may feel as though filing for personal bankruptcy protection may be the only viable option for clearing up your debt, but depending upon the type of debt that you have a bankruptcy may not even be an option. After conducting an evaluation of your personal finances, a Colorado bankruptcy attorney will be able to provide you with a list of debt resolution options that are available to you.
Once your Colorado bankruptcy attorney has helped you determine the potential approaches for clearing up your personal debt you can discuss the pros and cons of each option in order to determine which may prove the fastest and most successful for eliminating your debt. By enlisting the help and following the advice of an experienced Colorado bankruptcy attorney you can ensure that you’ll avoid the potential pitfalls and wasted time caused by selecting an ineffective option for your debt resolution.
Making mistakes or ill informed decisions when attempting to rectify personal financial problems can result in greater debt. Instead of running the risk of making your financial problems more difficult to handle, reach out to a Colorado bankruptcy attorney to get the advice you need for embarking on the fastest path to debt resolution.
Bankruptcy Filings Down in US
The instances of bankruptcy filings have been climbing steadily for the last few years but statistics for the first quarter of 2011 appear promising. According to data from the National Bankruptcy Research Center and the American Bankruptcy Institute the number of filings through the course of the first few months of this year is 6% lower than that of the same time period in 2010.
While the small decrease in filings could be a sign of a brighter financial future for many Americans, there are still hundreds of thousands of Americans that are having financial problems. If you are one of the many Americans having trouble meeting your bills each month you should reach out to an experienced Colorado bankruptcy attorney in order to discuss your situation.
Financial problems can cause a tremendous amount of stress, but it’s important that you realize that there could be a number of options available to someone in your situation. A qualified Colorado bankruptcy attorney can help you to determine all of the debt relief options that may be available to you. By discussing your unique financial situation with an experienced professional you can get the advice that you need to help you make the best decision regarding your personal finances.
Taking action at the first sign of financial problems by reaching out to a Colorado bankruptcy attorney can help you to get on the right track to debt resolution. By following the advice of an experienced professional you can work to end the stress of your financial problems as quickly as possible.
Men avoid seeking debt advice until problems build, says new study
Apparently the old antidote about men not being willing to ask for directions may be true after all. A new study commissioned by the group Money Advice Trust found that the majority of men consider seeking help or advice to be a female role, and not only when it comes to directions. The study specifically found that men are much less likely than women to ask for help managing their finances and consolidating debt.
The study confirmed what many in the debt relief industry may have already guessed from practical experience; men often find themselves in greater financial trouble than women as many avoid seeking debt counsel until creditors are knocking on their door. When debt begins to build up, it’s important to address the problem immediately instead of waiting until it becomes too large to ignore. Money Advice Trust wanted to understand what factors prevent men from seeking professional debt relief advice and how these obstacles could be removed.
Researchers noted that one reason men in the study felt less inclined to ask for debt advice was because they maintained a positive attitude regarding their financial problems longer than the average female participant. Overall, men were significantly more optimistic that they could resolve their economic struggles without professional help.
The study also discovered that male participants placed high value on feeling in control of their debt issues. For many, handing their finances over to a third party advisor would mean sacrificing this sense of control and relying on another person’s expertise.
Some men also simply did not understand the numerous debt relief options available. They tended to view debt consolidation companies suspiciously and didn’t know how to find out which organizations are trustworthy and legitimate.
When anyone, male or female, ignores their debt issues, the bills will simply continue to pile up. Contacting an attorney who can help secure bankruptcy protection or pursue a debt relief plan may seem like an intimidating step, but it is well worth the effort to protect your future financial stability.
Source: UKPA, “Men ‘less likely to seek debt help.’” 27 March 2011.
FTC Announces New Regulations that Protect Debtors
If you have watched even an hour of television or spent time surfing the internet in the past few months, you have surely seen the credit card debt consolidation adds promising to seriously reduce your debt. Some even claim that they can get rid of it completely. Some, but not all of these companies are scam artists who prey on debtors in need of assistance. It is near impossible to tell the difference between a legitimate debt relief program and a con artist.
New Federal Trade Commission regulations are in the works to help protect consumers. The new regulations will come in two phases; the initial changes are set to take effect on September 27, 2010. “The timing of these changes is important because the still struggling economy means that many Americans and families remain in financial peril,” said Brad Stroh the CEO of one reputable online financial resource. “Consumers will now have substantial and important protections in place to ensure that they are not taken advantage of by predatory debt relief providers.”
Phase one of the new regulations addresses how debt relief products are marketed to consumers. Debt service providers will be required by law to disclose the possible negative ramifications debt settlement may have and give accurate assessments of how long it may take before the consumer will realize possible results. Stricter regulations concerning factual misrepresentation will also be implemented. Debt consolidation companies will have to truthfully disclose the program’s success rate, procedures and material features.
Phase two will address the problem many debtors have faced when they pay an upfront initial fee and little to nothing is done afterwards to decrease their debt. On October 28, 2010, the debt relief companies will not be able to charge any fees until some progress has been made on their account in the form of either interest rate or principal reductions from creditors.
Debt settlement can be a frustrating and complicated process when undertaken on your own. If you find yourself facing a large amount of debt, consult a bankruptcy attorney who can protect your interests and rights throughout the debt consolidation process.
Source: ConsumerAffairs.com “New Debt Consolidation Rules Take Effect Soon” Mark Huffman 9/22/10