First Off came the recession and the bursting of the real estate bubble. This was followed by the financial meltdown that cost millions much of their life’s savings. Masses were taken by surprise. Citizens who had been paying their mortgages on time, paying their credit cards on time and maybe even setting a little aside, found themselves out of work or out of savings — or both. Or in some other bad financial condition. Because many thought that somehow things would get better or turn around, they did not make any contingency plan. They waited too long to save themselves.
Then they had to search for professional help to turn their finances around, or to seek some type of relief from collection agencies. They turned, like so many, to bankruptcy lawyers.
There are a number of sources for seeking out bankruptcy lawyers. Relatives and trusted friends can be asked if they have any names they can refer. Chances are they may. Remember, this bad economy has affected so many that it might be surprising to find out how many may have had to seek out help to reorganize their finances.
An attorney will advise as to the type of consumer bankruptcy filing that may be needed. Chapter 7 is for liquidation of all but exempt assets and payment to creditors, and Chapter 13 is for reorganizing finances and setting up a schedule for payment of all or most creditors. Sometimes the attorney will advise against a bankruptcy filing and have a client work out a private repayment schedule.
Inside the office of nearly all bankruptcy lawyers in Colorado are many customers and potential clients working out repayment programs with creditors that will help stabilize the local economy and start it on a path to recovery.
