People who are struggling with debt in Colorado know very well what life before bankruptcy is like:
- They can’t make monthly mortgage or rent payments, struggle to keep the lights on and buy the food and medicine.
- They get multiple calls a day – sometimes as many as a dozen – on top of emails and letters from creditors.
- They see their credit scores dwindling after each late payment and every time they miss a payment.
- Credit card companies slam them with late fees, which only goes to keeping them locked in debt.
So, why would anyone want to stay in that position? It’s stressful, there’s a fear of the unknown and for many people who have lost jobs, been slammed by expensive medical bills or had other hardships in their lives, they believe they have nowhere to turn.
But Colorado Springs Bankruptcy Attorney Stephen H. Swift knows that’s not true. He has been able to help many clients who have been struggling with debt. The great thing about bankruptcy protection laws is that they are designed to help the consumer. People struggling with debt shouldn’t be left behind; rather they should be able to use the laws on the books to their advantage.
What Changes After Bankruptcy?
A common misconception by the public is that if a person files for bankruptcy and goes through with the process they won’t be able to get credit for 10 years. This is largely based on the assumption that the word “bankruptcy” could show up on a person’s credit report for 10 years after they file.
But this couldn’t be further from the truth. Many people who file for Chapter 13 bankruptcy are able to secure loans shortly after a bankruptcy is discharged. Their income-to-debt ratio is reset and their credit score is on the mend.
For people who file for Chapter 7 bankruptcy protection in Colorado, filers end up getting credit card offers just weeks after the bankruptcy is finalized. How is that possible? Think about it – the consumer, who probably has a strong history of making purchases and payments save for a large-scale incident in their life, now has no debt. Why wouldn’t a credit card company want to offer credit?
Now, the interest rates may not be the best, but credit will likely be readily available. And the stress of the unknown will disappear. People who file for bankruptcy routinely will say that there is much less stress after bankruptcy than before.
How Do I Take Advantage of This?
Contact the law offices of Stephen H. Swift today. A free initial consultation can help the consumer get information they need to make an informed decision about whether bankruptcy is right for them.
Take steps today to ensure that your tomorrow is much better. Don’t allow creditors to continue holding you hostage with debt. Create a better future by getting out of debt today.
Serving clients in in Colorado Springs, Pueblo, Denver and the surrounding area.
Colorado Springs bankruptcy – 866-893-2440 or 719-520-0164 – legal consultation
