There are many reasons people file for bankruptcy in Littleton, Aurora, Centennial, and across Colorado. Finances are a complex issue, and there are multiple reasons people aren’t able to pay their debts. Whatever the reason, if you are struggling to make ends meet, filing for bankruptcy can give you a fresh start by erasing your debt. Not only will your finances improve, your mindset will benefit. You’ll be healthier emotionally, psychologically, and financially. Your family will be strengthened, because you’ll be able to focus on what is truly important. Taking advantage of the legal right to bankruptcy is a powerful way to take control of your life. Let’s look at a few reasons people file for bankruptcy in Colorado.
Reasons People File for Bankruptcy
There are many reasons people aren’t able to keep up with their debt payments. Here are a few examples. Remember, these are only examples – there are many different scenarios in each unique situation.
Robbing Peter to Pay Paul
This is a common cycle to fall into. You can’t make a payment on one card, so you use another card. Unfortunately, this type of living can’t be kept up – it’s a vicious cycle that will eventually catch up to you.
Debt Collection Harassment
You defaulted on credit card debt, and now you are being harassed night and day by debt collectors. They aren’t willing to help you, and you are confused and frustrated.
Civil Judgments from a Court and Garnishment
You defaulted on your credit card debt, and now you are being sued, or have civil judgments against you. In many cases, this results in a wage or bank account garnishment. This is a frustrating and stressful way to live.
Using Your Savings
You are struggling to make ends meet, and are using your savings to make payments. But, you’re not sure what you’ll do when your savings are depleted (never deplete your savings – contact a bankruptcy attorney early on in your financial struggle to protect your savings).
Lost Job through Layoff
You had a good job and were able to keep up on your mortgage and your bills. But, you lost your job and now it’s all too much for you to handle.
Medical Emergency and Related Hospital Debt
You have always been good paying your bills, but your wife was diagnosed with cancer. You spend all your money on medical bills, and now you’re struggling to make ends meet.
Entrepreneurial Debt from a Business Startup
You started a business, but despite your hard work, the whole thing fell through. You poured your savings into it, however, and now you’re struggling financially.
Facing Home or Car Foreclosure
You’ve had various medical emergencies happen, and you have fallen behind on payments for your car or house. Now, you’re facing foreclosure and your car or home might be repossessed!
Don’t Lose Hope: Bankruptcy Can Help
Most of the people who take advantage of my free consultation are embarrassed. They think they made so many mistakes, and they are ashamed they “have” to file for bankruptcy. This is a terrible perspective. There are many people in all walks of life who file for bankruptcy. Many famous entrepreneurs and famous people have filed for bankruptcy before success (this list includes folks like Walt Disney and Larry King). Don’t be scared to file for bankruptcy. The bankruptcy process is designed to give you a fresh start. You owe it to yourself to know all the different legal options available to you. I have been a bankruptcy attorney for over 20 years, and I have the knowledge and expertise to help you get the best fresh start bankruptcy can provide, whatever the circumstances.
There are many legitimate reasons people file for bankruptcy. If you are struggling financially in any way, contact experienced bankruptcy attorney Barry Arrington for a free bankruptcy consultation at
303-205-7870. He can help you get the best fresh start possible.