Colorado Springs Bankruptcy and Same-Sex Couples

Colorado Springs bankruptcy attorneys know that for many same-sex couples, life is not easy.

A Colorado Springs bankruptcy may be a way for them to shed the stress of debt they have acquired due to unequal circumstances.

For example, many same sex couples lack the ability to secure equal insurance and Social Security benefits. This leaves many at a great disadvantage when if something happens to their partner.

A case was highlighted recently in CNNMoney in which a nearly 80-year-old man was left floundering when his partner of more than 50 years died. He was dropped from his partner’s employer’s health insurance plan. The Social Security payments he and his partner once depended on stopped. And what was more, he was denied spousal survivor benefits. It was several years before he eventually won access to his deceased partner’s pension plan.

So even though these two were legally married in their home state of California, the federal government did not recognize their union, according to the Defense of Marriage Act.

As a result, this man lost not only his best friend, but his home of 35 years, his insurance, his pets,  and even his furniture.

Such a loss would be devastating to anyone, but it’s especially so when society as a whole doesn’t recognize that loss as being valid.

Other situations that can prove more difficult for same-sex couples include adoption and child custody issues. This might not lead to bankruptcy but for the fact that unlike heterosexual couples, same-sex couples must pay a premium to establish legal rights to children that may not biologically be their own, but for whom they are indeed parents.

Filing taxes, too, can be nightmarish for same-sex couples. Tax law is complicated as it is. Given that a couple can be married – and yet legally strangers under the law – means that there are bound to be mistakes made in document preparation. Some of those have been noted to cost upward of $10,000 or more when a government agency has demanded repayment of benefits based on a technicality.

Courts have held that same-sex couples may jointly file for bankruptcy, though there are actually some advantages to having just one individual file – something that may not be available to same-sex married couples.

If you are contemplating bankruptcy in Colorado Springs, contact an experienced Colorado Springs bankruptcy attorney as soon as possible to discuss your options.

Colorado Springs Bankruptcy Attorneys on the 7 Deadly Sins of Credit Card Usage

Colorado Springs credit card debt is easily one of the main sources of financial upheaval.

Of course, Colorado Springs debt relief attorneys know that they can be a great asset if you use them the right way. However, when times are tough, some see them as easy access to money they don’t have. But that’s the problem: If you don’t have the money know, chances are you aren’t going to have three times the money next month when the bill arrives. This is where people find themselves in deep trouble.

MSN Money recently had an interesting take on the whole issue, by defining the “Seven Deadly Sins” of credit card usage. The advice is worth heeding.

1. Gluttony. Mostly, this involves maxing out your credit cards or borrowing just about up to your limit. For example, if the issuer of the card offers you a $5,000 limit, that doesn’t mean you should take out $4,500 of it just because you can. What’s more, when you take out that much, you risk harming your credit score. It increases your debt-to-income ratio, and makes it appear as if you are high-risk.

2. Pride. Many people simply assume that their credit score is Ok, so they don’t bother checking it. However, in a lot of cases, errors are common. Sometimes, creditors mark that you are delinquent on a payment, when in fact you aren’t. It’s important to know where you stand.

3. Lust. This comes in the form of applying for more credit than you can actually afford. Plus, the more credit card inquiries you have, the worse your credit score will be.

4. Greed. Cash advances on credit cards are usually a bad idea. The interest rates on these transactions can sometimes top 25 percent. Take out only what you need – and know that you can pay back in a timely manner.

5. Envy. When you apply for a credit card that is above what you can afford. A lot of times, platinum or gold cards come with astronomically high annual fees. They only really pay off if you travel enough to earn the rewards.

6. Wrath. There may be a temptation to cut up all your credit cards if you’ve been badly burned by one company. However, this is a bad idea because it won’t give you a chance to rebuild your credit.

7. Sloth. If you don’t check your monthly statements, you risk the possibility that you could be paying for things that you previously signed up for and have since forgotten about.

Colorado Springs Bankruptcy Attorneys: Tips for Single Moms

Colorado Springs bankruptcy attorneys know that life is not easy for single parents.

After a divorce, you become more susceptible to increasing debt, and subsequently a Colorado Springs bankruptcy. To be sure, bankruptcy can be a blessing in disguise, as it allows you to free yourself of debts you may have accrued during your marriage, and those that piled up following your divorce.

In some cases, you could be doing everything right, and still end up in sticky financial straits. However, there are often steps you can take to minimize the impact of a divorce and the struggles of single-parenthood.

With Mother’s Day fast-approaching, here are some tips for single mothers in particular:

1. Watch what you earn versus what you spend. Sometimes, single mothers avoid looking at their finances critically because they are afraid of what they will find. However, this will only lead to bigger problems down the line. Stop to take an honest look and figure out what the necessities are, versus the luxuries. If there’s nothing left over for savings, some of those luxuries may have to be cut for now.

2. Get good life insurance coverage. A recent survey by the research firm LIMRA found that nearly 40 percent of single mothers said that in the event of their death, their families would be in major financial trouble. A large number said it’s likely they’d only have enough to keep them afloat for a few months. Even if you have a policy through your employer, it may not be enough. It’s worth it to check out rates from multiple insurers.

3. Prepare for the possibility of disability. This is particularly important for women, who may face some medical health risks that their male counterparts don’t – namely, uterine cancer and pregnancy. Mounting medical bills are one of the main reasons people find themselves mired in debt.

4. If you don’t have health insurance, get it. See above.

5. Make sure you have some money set aside for emergencies. Sometimes, this is going to mean some painful decisions. Things like cutting the cable or the premium cell phone plan. However, it’s critical to ensuring stability and security of you and your children.

Colorado Springs Bankruptcy Attorneys: How to Help a New College Grad

Our Colorado Springs bankruptcy attorneys know that one of the main culprits for out-of-control debt is the overgrown mountains of student loans.

Colorado Springs bankruptcies are on the rise as students are graduating with enormous loans and little opportunity for jobs that will help them pay it off. It begins a vicious cycle of debt.

So how can you help a new college graduate, hoping to avoid drowning as they wade into this murky economy? MSN Money touched on this issue recently, with an article detailing five do’s and don’ts to helping out new graduates.

The first thing that new college graduates really need is health insurance. Hopefully, they are lucky enough to land a job that can provide this for them. However, oftentimes, even if they land a new gig, it may not be accompanied by full benefits. As of right now, parents are allowed to keep their children on their own health insurance plans until they reach the age of 26. This is important because if an unexpected medical issue arises, a graduate could quickly find themselves buried in debt.

Secondly, help them get a head start on retirement savings. Roth IRAs may be a good way to go, depending on how much you can afford to help. Having this available is going to mean a more secure future – and you’ll know they’ll be taken care of, even if you’re not around.

Thirdly, make sure they are staying up-to-date with their student loans. They have to start paying within six months. If not, the penalties start piling up fast.

The two things you really want to avoid are co-signing for a car loan or co-signing for an unsecured credit card. With a car loan, if he or she misses a payment, you are automatically on the hook for it. What’s more, that will dent your own credit. And with regard to an unsecured credit card, if he or she fails to pay up, again, you could be hounded by creditors, nagging you to pay up.

At the end of the day, you want to make sure that your new college graduate has the best start possible as they embark on his or her new career – but you shouldn’t put yourself at risk of snowballing debt in the process.

Colorado Debt Relief: Smart Spending

Colorado bankruptcies are chiefly the result of mounting debt – which Colorado bankruptcy attorneys know can happen very rapidly, particularly in this economy.

Many people are living paycheck-to-paycheck, and one unexpected event – a car accident, a lay-off or a new child – can mean it all gets very overwhelming very fast.

These are all things that are often beyond our control. While a Colorado bankruptcy is nothing to be ashamed of – and in fact, it’s often a smart move to create the foundation for a fresh start – there are things you can do to decrease your risk of acquiring even higher debt.

It starts with cutting out the impulse spending. This is much easier said than done, particularly when we are constantly bombarded with advertisements and the advent of online shopping that allows us to make instantaneous purchasing decisions.

1. Think critically. Are you able to afford it? Is it something you really need? Is there anything else you could get that would be less expensive, and yet still as effective? Pausing to ask yourself these important questions before you buy can help curb unnecessary spending.

2. Learn more about the product. Read up on customer reviews. See what people who have already purchased it are saying. If possible, borrow it from a neighbor or friend for a while and see whether it will actually be practical for you. For example, a power washer may seem like a great idea, but you may find if you borrow someone else’s that it will actually be too much to handle physically. You may also consider renting it.

3. Save for it. Acknowledge that you want it and put a formal plan in place to get it. Put away money every week or month until you have enough to cover the cost. You may find that by the time you are actually able to buy it, you neither want nor actually need it.

4. Don’t get sucked into the sales pitch of deadlines, which create urgency and make you feel you might lose out if you act now. Take your time and search other retailers or consider purchasing the item secondhand.

Colorado Bankruptcy: Wisely Rebuild Your Credit

Some people make the mistake of swearing off credit cards in the wake of a Colorado bankruptcy.

This is not only unnecessary, Colorado bankruptcy attorneys know it’s probably going to hurt you in the long-run because you need to rebuild your credit in order to earn consideration of future loans on a vehicle, mortgage and other items.

The key is to be wise about and protecting your score and your money. A Colorado bankruptcy allows you a fresh start, and a skilled attorney can help guide you through the process. It’s you, however, who will have to call the shots and make wise decisions because the truth of the matter is, even with the Credit CARD Act (Credit Card Accountability, Responsibility and Disclosure Act), there are still a number of ways that credit card companies and banks can take advantage of you.

A few things to consider as you start on the path of rebuilding your finances:

1. Don’t put more on the card than what you can pay off in a short period of time. This will not only help you to slowly boost your score, it’s going to give you more leverage with the company if you’re unhappy about a rate increase or an annual fee.

2. Keep an eye on your credit score and your credit history. Make sure things are up-to-date and you aren’t a victim of any sort of fraud. Even a small, typographical error can bring down your score dramatically. It’s a good idea to review it about three times a year.

3. Know what kind of protections your card offers – and what it doesn’t. Sometimes, cards will offer extended warranties if your purchase is stolen or accidentally damaged. Of course, the card companies aren’t going to highlight this to you, so you’ll have to look through the disclosure statements to see.

4. Go over your credit card statement for errors. Billing errors are common, and fraud can happen to anyone.

5. Protect yourself from online identity fraud by making sure you are entering sensitive information into the company’s secure database and don’t give away your card number – or any other personal information – without being confident in the site.

Colorado Foreclosures and Bank Tactics

A recent story on MSNBC detailed how foreclosures in Colorado and throughout the country are churned out using less-than-upstanding tactics by some of the country’s largest banks.

Colorado foreclosure attorneys read with interest this exclusive piece. It allowed an inside look at so-called “foreclosure factories” which provides a greater understanding of the process and underscores why it’s so important to have a skilled Colorado foreclosure attorney on your side in these matters.

A recent settlement by five of the largest banks and attorneys general from 49 states – including Colorado – granted $25 billion to alleviate the hardships caused by the real estate implosion resulting from unsavory tactics by financial institutions. A portion of that money is slated to go to individuals who were improperly foreclosed upon due to robosigning techniques and the banks not having the proper paperwork to ensure they even owned the property in question.

Part of that agreement was that they would alter their methods.

But this piece shows little has changed. At Wells-Fargo, which services nearly 18 percent of the nation’s residential mortgages, entry-level staffers are given the title of “vice president” and told they need to keep a quota of how many foreclosures they need to process in a given day. The average number they are expected to produce in an 8-hour shift is 10.

This is concerning because if you are currently in the midst of fighting a Colorado foreclosure, you know that the process involves an inordinate amount of paperwork. These “vice presidents” are made to sign off on statements swearing to have personal knowledge of certain facts of the case – facts that they are unlikely to know given the volume they churn out each day.

What’s more, employees of the bank, speaking on the condition of anonymity, have said borrowers who were seeking help in the form of loan modifications had sent reams of personal financial documents to the bank. Problem was, they were sent to fax machines that went weeks without being checked.

In some cases, the foreclosure process was kick-started when borrowers fell behind on miniscule payment amounts – sometimes as little as $2 on the interest.

Having an experienced Colorado foreclosure attorney walk you through the process is critical, given the type of practices that are continuing at these large banks.

Colorado Springs Debt Relief: Negotiate Your Bills

When medical bills stack up, the ensuing Colorado Springs debt can seem insurmountable.

Our Colorado Springs debt relief attorneys understand that these snowballing bills can present severe financial challenges. Sometimes, individuals are forced to choose between paying a doctor bill and buying groceries. Often, they end up paying off medical bills using credit cards, which then force them to pay astronomical interest rates – which can also result in a seemingly unscalable hole of debt.

What you may not realize is that just  because you owe a particular balance on a medical bill doesn’t always mean that figure is concrete. In fact, you can often negotiate to lower those rates – especially when health care companies consider that the alternative is not getting paid whatsoever.

Individuals have reportedly cut some of their medical bills in half. Part of it involves your willingness to pay at least part of it upfront. For example, a $3,000 bill was reduced to a $1,500 bill when the patient agreed to pay that $1,500 upfront.

This is expected to be an increasing trend, as out-of-pocket costs for health care are climbing ever-higher. In fact, some 40 million Americans last  year were enrolled in health care plans that mandated a $1,000 deductible for individuals and $2,000 for families – almost double what it was just a handful of years ago. It’s no wonder medical debt is such a huge problem in this country.

One tactic is to directly ask the source. If you know that your insurance doesn’t cover a procedure, or worse if you are totally uninsured, ask your doctor if he or she would be willing to have  you pay whatever Medicare might reimburse them for. That might possibly take 30 to 40 percent off the price from the get-go. The “Health Care Blue Book” can help to give you a better idea of what health care providers are typically paid by insurance companies.

Another thing to consider is shopping around for health care services. Some places might provide the same procedure for far less.

You may also consider asking the doctor’s billing office if they might be willing to cut some of the price if you pay it upfront.

Additionally, have an idea of the tests you might need and those you don’t. Unnecessary blood work or other tests are sometimes ordered simply because that’s part of procedure – but the costs add up. Talk to your doctor about whether such tests are actually necessary.

And of course, you always have the option to consult with a Colorado Springs debt relief attorney, who can assist you in negotiating especially high medical and credit card debts.

Colorado Springs Foreclosures: Will Federal Agencies Reduce Mortgage Payments?

Those facing a Colorado Springs foreclosure will have to wait it out a few more weeks before it is revealed whether Freddie Mac and Fannie Mae mortgages rates will be reduced for underwater homeowners.

Our Colorado Springs foreclosure attorneys know that the possibility of losing  your home is nerve-wracking, not only for what it might mean in terms of your immediate future (i.e., where we will we live, will my kids have to change schools, etc.), but also your long-term credit.

We can help you sort through the details and determine your best option moving forward.

The question raised by a recent CNNMoney article was whether a principal mortgage reduction for some of the pair’s combined 3 million loans will actually help homeowners.

At first, the Federal Housing Administration had resisted taking this action, saying it would be too expensive for tax-payers, who ultimately fund them. But the calls to action have been renewed, following a $26 billion settlement between five major banks and attorneys general in 49 states that would lower principal mortgage payments for some 1 million homeowners whose loans aren’t backed by Freddie and Fannie.

Internal studies, however, had suggested that such a move would essentially equal a costly bailout for embattled homeowners – by already weary taxpayers.

Now, though, President Obama has offered three times the incentives if they will reduce their principal mortgage payments under the Home Affordable Mortgage Program, called HAMP. So now, the administration is taking another look to see if such a move would make financial sense.

While Fannie and Freddie-backed loans are about 3 million total, about 75 percent of those homeowners wouldn’t qualify because they have kept up on their payments. So ultimately, about 750,000 might be eligible for a reduction under the criteria. That’s a relatively small percentage, considering there are about 11 million underwater homeowners throughout the country.

The hope is that the move would ultimately reduce the number of foreclosures by helping to keep people in their homes. There’s a concern, though, that this move might encourage individuals to strategically default, in order to take advantage of the program.

While it remains to be seen what the federal mortgage giants will decide, contacting a Colorado Springs foreclosure defense attorney will help you figure out what your best options are.

Colorado Springs Tax Debt Relief: Bizarre Evasion Schemes

Grappling with tax debt in Colorado Springs can be stressful for anyone.  The penalties and pressure that builds from having it hang over your head can be a roadblock in starting fresh in your financial future.

Our Colorado Springs tax debt relief attorneys can  help. Bankruptcy may be an option, or you may need someone to assist  you in negotiating payment plans or reductions with the IRS.

Some individuals, however, will do just about anything to get out of paying taxes. CNNMoney recently reported on some of the strangest tax evasion efforts ever. Odd as they may seem, multiple individuals have tried them – and been unsuccessful.

The first involves the use of 666, known as the “mark of the beast,” in Christian religious text. One individual from Kentucky argued that he couldn’t file his W-4 forms because his Social Security number contained this information. His new employer ultimately terminated him as a result. He sued for religious discrimination, but the lawsuit was tossed. Others have refused to file tax paperwork at all, saying that all Social Security numbers were essentially akin to this “mark.”

Similarly, some people claim that paying taxes is against their religious beliefs. Not only has this argument not ever worked, but thousands of dollars in fines can be accrued as a result of trying to avoid paying.

Another creative tax evasion effort involves individuals who say they shouldn’t have to pay federal taxes because they claim their state isn’t actually part of the U.S. This has happened in both Texas and Indiana – and always, the argument falls on deaf ears. You can even be fined up to $25,000 for even making this argument.

Some individuals have taken it so far as to refer to themselves not as an actual person. They say that federal tax law pertains either solely to companies, or that they are not a “person” as defined under the constitution. These cases haven’t been successful, and the IRS has taken many to court over these claims.

Other people have tried to make the case that only gold money is taxable. This just flat-out isn’t going to fly with the IRS.

The bottom line is that while coping with Colorado Springs tax debt is tough for anyone, the best way to go about tackling it is to meet with an experienced debt relief attorney.

• Chapter 7 Bankruptcy
• Chapter 13 Bankruptcy
• Stop Foreclosure
• Should You Hire a Petition Preparer?
• Should You Hire a Debt Resolution Agency?
• Discharging Tax Debts
• The Bankruptcy Process
• What Not to Do Before Filing Bankruptcy
• Bankruptcy Litigation
• FAQ

• Colorado Springs Bankruptcy and Same-Sex Couples
• Colorado Springs Bankruptcy Attorneys on the 7 Deadly Sins of Credit Card Usage
• Colorado Springs Bankruptcy Attorneys: Tips for Single Moms
• Colorado Springs Bankruptcy Attorneys: How to Help a New College Grad
• Colorado Debt Relief: Smart Spending

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