The recession hit many Denver residents hard and bankruptcy, either Chapter 7 or Chapter 13, can be a positive answer. People across Littleton, Aurora, and Lakewood have either lost their jobs or had to take lower paying jobs. As a result, they were not able to keep up with their bills and were considering bankruptcy to avoid losing homes to foreclosures. Before the recession, young families bought homes rather than renting an apartment. Not anticipating the recession, good people lost homes to foreclosure because of the economic downturn. Bankruptcy would have been a good alternative to keep them from losing their homes and having to relocate to apartments.
Staying in your home is often a better financial choice, because apartment living has become increasingly expensive. Apartment construction has not kept up with the increased demand caused by people relocating to apartments after losing their homes. In fact, apartment vacancies are the lowest they have been in over ten years, and because of the demand for apartments across the Denver-metro area, landlords have raised the cost of rent for each month, with the average rental rate coming close to $1,000 a month.
Landlords across Denver agree that many of the people who apply for housing in apartments were homeowners at one time, but lost their houses due to foreclosure. Sadly, if those people had considered bankruptcy when creditors and banks threatened to foreclose, they might have been able to keep their house and avoid the Denver apartment market.
When weighing bankruptcy options, it is important to consider that losing a house and making payments for monthly rent in a landlord’s market may actually be more expensive and damaging then filing for bankruptcy and either making monthly payments via a payment plan like Chapter 13 or settling debt with a Chapter 7 Bankruptcy.
If you think considering a Denver Chapter 7 or Chapter 13 Bankruptcy would be in your best interests, contact experienced Denver bankruptcy attorney Barry Arrington at 303-205-7870 for your best, fresh start possible.