09
Feb
2014
Money may not buy happiness, but the lack of it can certainly inspire negative emotions. When we lack financial stability it often causes sadness, grief, and shame, but these are just the beginning when it comes time to file for bankruptcy. There is something about admitting defeat and formalizing that defeat in a court of law that makes a financial disaster even more palpable. The most common form of consumer bankruptcy in America is Chapter 7, which involves handing over one's non-exempt assets to a trustee, who liquidates them to pay the filer's creditors. This normally eliminates all or most…
2742 times
04
Jan
2014
Misconceptions about bankruptcy abound in America, which is a great shame because it prevents many people from getting the debt-relief help that they so desperately need. One of the many misconceptions about bankruptcy is that your property will be seized to help pay off your debts, and that you won’t be able to keep your house, your car, or other important properties. This misconception is actually the opposite of the truth! In reality, without the protections offered by bankruptcy law, creditors can put liens against your property, repossess your car, or any number of other debt-payment options. Bankruptcy isn’t about…
9208 times
15
Oct
2013
We've all heard the horror stories from friends, coworkers or family members who have gone through a nasty divorce. Few "life events" compare to divorce when it comes to financial security, not to mention the emotional toll it can take on a family and their quality of life. When Bankruptcy Meets Divorce Money is the number one stressor in many relationships, so it makes sense to think that couples with money problems would seek a solution through divorce. However in most cases, the divorce does nothing but make their money issues more troubling because now they are trying to run…
5087 times
24
Sep
2013
We've all heard the statistics about job loss and credit card spending, and many believe these are the main roads to bankruptcy. During the recession, many families faced extended unemployment, which led to foreclosure and enormous debt loads. Perhaps this explains why unemployment is often touted as an obvious bankruptcy culprit. Many people are surprised to learn that the most common cause of bankruptcy in America is not unemployment or credit card spending; it is medical debt. When an unexpected emergency comes up and a family is uninsured, medical debt is enough to wipe out their assets immediately. A recent…
4921 times
29
Aug
2013
As a Colorado bankruptcy attorney, I am often asked if bankruptcy rates are going up or down, and if the demographic makeup of bankruptcy filers has changed. Over the past few years, as the U.S. has gradually emerged from the recession, the number of people filing for bankruptcy has decreased, but there are a few trends that have little to do with the economy. Many people who file for bankruptcy are lower-income individuals who simply cannot afford to pay for unexpected major expenses. A job loss or a major illness might be just enough to push them into financial ruin.…
5858 times
31
Jul
2013
If you've watched any late night television lately, chances are you've seen former U.S. Presidential candidate Fred Thompson out there pitching reverse mortgages. Many seniors are enticed by these very noteworthy spokespeople as they explain the process of cashing out their home equity. While it's not necessarily a bad decision to do this, it is important to be aware of fraudulent companies looking to capitalize on cash-poor retirees. On the FTC's web site, a variety of consumer data is available for the individual who wants to learn more about unusual consumer credit offers. The site explains that if you are…
5411 times
03
Apr
2013
If you plan to file for bankruptcy in Colorado Springs you will no doubt meet with an attorney who will walk you through all your options, but most people want a little preview before they visit a law office. Unless you've been through the bankruptcy process before it's likely you have a long list of questions, such as "will I go to court?" or "will I be able to keep my house?" In an attempt to prepare for the inevitable it is better to seek the advice of an experienced bankruptcy lawyer and avoid the temptation to just "Google it."…
4955 times
