For many years, banks and credit card companies have been making profits lending money to people in Denver, Englewood, Littleton, and all across the Front Range. Even though creditors charged very high interest on those loans, when economic times were good consumers were usually able to pay the loans off. The recent shift in economy, however, has had an adverse effect on consumers’ ability to repay loans. Credit card companies and banks continue to lend at very high rates, but people are not able to pay them back as easily as they were before the recession.
Sadly, instead of working with people who have lost their job or experienced an accident or illness, many lenders have used borrowers’ misfortune as a means to make more even money in Castle Rock, Aurora, and Lakewood. They tack on late fees, compound the interest, and then attack consumer’s credit rating when they are not able to make payments because of circumstances beyond their control. They rarely offer anything in the way of relief. Bankruptcy exists for exactly this sort of situation. Congress recognizes the undue stress put upon consumers and civilians by banks and other lenders.
Chapter 7 and Chapter 13 Bankruptcy help out the economy as well. Consumers overwhelmed by debt are not able to purchase anything or make investments. Bankruptcy provides a fresh start for many in which they may be able to help rebuild the economy and help our society recover more quickly from this recession.
If you are considering bankruptcy, contact experienced Denver bankruptcy attorney Barry Arrington at 303-205-7870 for the best, fresh start possible.