Spending habits across Colorado and the cities of Lakewood, Aurora, and Centennial continue to baffle experts and frustrate creditors everywhere. With more and more people falling behind, banks have taken drastic actions, such as foreclosing on homes and repossessing vehicles. Filing a Chapter 7 bankruptcy or Chapter 13 bankruptcy will, in the long run, lead to financial freedom and is a viable option in a struggling economy.
America is in debt, but that does not mean you have to be. A debt burden can grow out of control, and the more you owe the faster it seems to grow. In good times, interest rates are low and credit is readily available, but as soon as the economy starts to weaken things change quickly. People want to maintain their lifestyle and their financial habits in Highlands Ranch, Castle Rock, or Englewood, but they fail to adapt quickly enough to the changing economic climate. They soon realize that their finances are a train wreck beginning looking for a way out of their financial duress as creditors hassle them over the telephone and banks threaten to foreclose on their homes or repossess their vehicles.
The economy is all about spending, but people in Colorado may or may not be doing it correctly. Many people see lifestyles on TV or other media they want to emulate, and with easy credit offered by lenders, they think borrowing their way to prosperity will be an easy and semi-painless way to achieve a better standard of living now while working and awaiting pay increases or promotions at their jobs. Sadly, those pay increases and promotions often fail to materialize in a bad economy.
Chapter 7 bankruptcy or Chapter 13 bankruptcy are more than just a fresh start. Colorado has generous exemptions that allow you to retain many (sometimes all) of your assets even as you discharge your debts. Policy makers understand that it is in the nation’s long term economic best interest to provide an avenue of relief for debt burdened consumers.
Chapter 7 or Chapter 13 Bankruptcy can help you can get your finances back on track as quickly as possible. Contact experienced bankruptcy Attorney Barry Arrington at 303-205-7870 for your best, fresh start possible.