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20 Aug 2012

Debt Trouble in Colorado Springs - How to Know When to Get Help

There is an old saying that it's hard to see the forest through the trees.

Colorado Springs Chapter 7 bankruptcy lawyers know this is one way of saying it's difficult to gauge the entirety of the situation when you're in the middle of it. This is exactly the case with debt.

It starts with a missed payment here or a credit card charge there. We continue moving along with life thinking it will eventually get handled or take care of itself.


The problem with debt, though, is that it compounds upon itself. Many people don't realize they're in trouble until they've depleted their retirement or other savings - money they'll never be able to recover.

Bankruptcy is one way to address debt that has become unmanageable. That is, you have no other real hope of paying it back, or to do so would take so long and be so arduous as to be detrimental to your future, and quite frankly unwise.

The only real way to know whether bankruptcy is the best option for you is to meet face-to-face with an experienced attorney who can help you comb through your finances to determine the right decision. Generally, if you're already considering it, chances are your debt has already reached a breaking point.

Here are some other questions to ask yourself if you're contemplating filing for a Chapter 7:

Are you juggling bills? By this, we mean are you applying for more credit cards or payday loans to get cash advances to pay existing cards or basic expenses?

Are you paying the bare minimum payments on your credit cards, loans and other bills?

Are you consistently putting more on your credit card each month than you bring home in earnings?

Has your income decreased significantly in recent months or years?

Are you having to take on overtime just to pay your basic expenses?

Are you being hounded by debt collectors on the phone and in the mail?

Are you concealing the costs of purchases from your wife or husband?

Are you using your retirement account or savings to pay for monthly expenses?

If you answered yes to one or more of these questions, it's time to start considering your options. There is no hard-and-fast rule about the right time to file for bankruptcy, but if you start to see yourself slipping into some of these categories, it's time to explore ways to facing down the debt.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

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