We are all known for spending our money, but sometimes we are also known for wasting it. I read an article about debt the other day, which talked about wasting money on too many phone bills, cable television, and buying gourmet coffee daily. Though these things may be desirable and nice to have, they can lead to consumer debt pretty quickly.
Aurora Bankruptcy Lawyer: What is Consumer Debt?
Consumer debt is acquired when spending money on our personal needs. One personal need many people have includes phone bills. Nowadays, phones are a priority when it comes to communication. I get that. But even though cell phones can be a necessity, we don’t always notice that phone insurance or unlimited data plans are not necessities. The same can apply for television channels that we pay for and never watch. If we aren’t watching them, money can be spent needlessly. The article states that people spend $200 to $500 a year on multiple phone plans, the latest smartphones or cable TV.
But this isn’t all that surprised me. Plenty of us are working hard at our jobs, requiring coffee as a result. And though our tired bodies might thank us for the caffeine, our bank accounts might be hurting from unnecessary expenses—as much as $1,000 a year.
[pullquote align=”center” textalign=”center” width=”100%”]Expenses accumulate quickly for most people. An experienced bankruptcy attorney will ensure you keep your valued assets with Chapter 13 Bankruptcy.[/pullquote]
And these are not the only expenses we accumulate. Whether we are buying gym memberships or shopping for a new pair of jeans every week, money should always be budgeted. If your debt is keeping you awake at night, you may need to consider debt relief. Fortunately, in Littleton, Aurora or Arvada, Colorado, I have a practical solution for you with Chapter 13 bankruptcy. This may be a better option than Chapter 7 if facing excessive consumer debt. Many consumer debts are unsecured debts, which means they are not attached to property that can be taken away. This is a good thing, since property can be liquidated or repossessed under Chapter 7. Also, if you are someone with a stable income, you may not meet the Chapter 7 “means test”, meant for those with lower incomes. Chapter 13 would be the better alternative because you could make monthly payments to get yourself back on track and keep your valued assets.
Why You Need an Experienced Denver Bankruptcy Attorney
People may be surprised by how much “small” expenses add up so quickly over time. Because of these costs, I want to ensure that people who end up with heavy consumer debt have a way out. If you are facing unmanageable consumer debts, you need an experienced bankruptcy lawyer to help you understand the requirements needed for bankruptcy filing. There are many benefits to filing for bankruptcy in Colorado, and it’s time you get a fresh start on saving your future.
If you are facing consumer debt, don’t hesitate to contact experienced Centennial, Parker and Highlands Ranch bankruptcy lawyer at 303-205-7870 to get a fresh start. Bankruptcy attorney Barry Arrington will work to get you the best, fresh start possible.