Bankruptcy is often discussed in our culture. But, not many people truly understand what it is, or what it can do for them. I have worked with people living in Littleton, Aurora and Centennial who struggle with debt. Often, it is the driving force of constant worry in their lives. They don’t even realize that bankruptcy is an option for them in their situation. As a bankruptcy attorney who has practiced in Colorado since the mid-80’s, I have experience helping good people get a fresh start on their lives.
What Bankruptcy Can Do For You
These are just a few examples of how bankruptcy can provide relief in your life. Each situation is different, so it is best to consult a bankruptcy lawyer if you are considering bankruptcy as an option to eliminate debt.
– Eliminate Most Debts
Bankruptcy relieves you of the legal obligation you have to repay your debtors in many situations. In bankruptcy, this is called the “discharge” of debts. There are two types of relief – Chapter 7, which usually discharges most debt, and Chapter 13 which sets up a payment plan in order for you to slowly repay some of your debtors.
– Stop Foreclosures and Repossession
If you and your family are facing foreclosure, bankruptcy may be a good option. Bankruptcy halts foreclosure on your home, which allows you to catch up on missed payments. Bankruptcy doesn’t automatically eliminate mortgages or other types of liens, however. Please consult a bankruptcy lawyer for more information. It also prevents the repossession of your vehicle and other property.
– Get Relief from Harassment
When you file for bankruptcy, something called automatic stay goes into effect. This legally stops all your creditors from contacting you. Once you file for bankruptcy, your creditors will face legal consequences if they attempt to collect a debt with tactics such as wage garnishment or harassing phone calls or collection services.
– Restore Utilities
If your utility services have been shut off because you’ve fallen behind on bills, bankruptcy will restore your utilities.
– Fight Fraud
If your creditors are claiming you owe more than you actually do, or if they have committed fraud, filing for bankruptcy will allow you to challenge their claims.
If you are considering bankruptcy don’t hesitate: Contact experienced Littleton, Aurora and Centennial lawyer Barry Arrington today for a free consultation at 303-205-7870, or submit the “Get Bankruptcy Help Now” form. He will fight to give you the best, fresh start possible.