Often, when people contact me for help with their debt problems in Centennial and Littleton, they have let the problem go on for much longer than it needed to. When debt becomes overwhelming and unmanageable, it’s easy to try and ignore it – hoping it will remedy itself. Unfortunately, however, your debt will never just go away. Instead, it will get worse, as there are actions your creditors can take to get their money or property back.
Littleton Debt Relief Attorney: What Happens When You Ignore Your Aurora Debt Problems?
Littleton and Aurora creditors can take aggressive actions against you if you ignore their attempts to collect on the debt. These actions include:
Repossession: When you use an item as collateral – like a car or jewelry – when you default on the loan, creditors can take the collateral items from you. A repossession does not always require a court order, so creditors are often able to take away your collateral item without going through any legal channels.
Wage Garnishment: Creditors may request the court to garnish the debtor’s wages after they have defaulted on making their debt payments. It is usually after a person’s wages have been garnished that they reach out for help with their debt issues. Once a garnishment is in place, it is not easy to reverse or stop them. Filing for Chapter 7 or Chapter 13 bankruptcy is often the most effective way to take care of a garnishment.
Foreclosure: When the debt you are defaulting on is your mortgage payment, then banks and creditors will often choose to proceed with foreclosure.
Lawsuit: A creditor can sue you for non-payment of debt. They can also request a judgment lien on your property.
It is often after one of these options are taken that a person will reach out looking for help with their debt problems. But, it doesn’t need to get this far. You can stop these procedures from ever becoming an issue.
Stop Creditors in Their Tracks: How a Centennial Bankruptcy Lawyer Can Help with Your Debt Problems!
Filing for Chapter 7 or Chapter 13 bankruptcy in Centennial will stop creditors from being able to proceed with garnishing your wages, repossessing your property, foreclosing on your home, or suing you. Once you file your bankruptcy, an automatic stay goes into place, protecting you further from any of these actions.
If you are having debt problems and think bankruptcy may help you, contact the best Littleton and Centennial bankruptcy attorney Barry Arrington at 303-205-7870 to begin your journey toward financial freedom.