You have many questions about bankruptcy in Centennial and Littleton. We want to help you find the answers you need.
Do I really need a Bankruptcy Lawyer in Centennial and Littleton?
This is the first part of a series of questions. Today we will cover the basics: Why you need a bankruptcy lawyer, and what happens when you declare bankruptcy.
This is one of the most common questions about bankruptcy. It is possible to file a bankruptcy petition as an individual without a lawyer’s help. However, bankruptcy law is very intricate. The United States Bankruptcy Court, District of Colorado “highly” recommends “hiring a competent bankruptcy attorney“. You want an ally by your side as you tackle your financial issues and fight creditors opposed to your debt discharge. Attorney Barry Arrington understands bankruptcy law and can help you navigate toward a better future.
What Happens When I Declare Bankruptcy?
Think of it this way: Declaring bankruptcy allows you to pay your bills and get a fresh financial start. Creditors must immediately stop trying to collect debts when you file. Federal law (the United States Bankruptcy Code) protects your right to file bankruptcy as a citizen. Here are some of the many benefits of declaring bankruptcy:
- You will no longer be legally obliged to repay most (sometimes all) of your debts. You will receive a new financial start.
- Your utilities will not be terminated. Electric companies and public utilities cannot stop providing you service because you have filed for bankruptcy (they may ask for a deposit for service in the future, and you will have to pay bills that occur after you have filed).
- You will be able to catch up on your mortgage payment. Foreclosure on your home will be stopped. It won’t automatically remove your mortgage, but it will give you time to breath.
- You will not be harassed by creditors. Wage garnishment (when a creditor removes part of your salary from your paycheck) will cease.
- You will able to challenge creditors who claim that you owe a higher amount than you really need to pay.
- You can prevent the repossession of your car and other property, and many times creditors must return previously repossessed property.