| Colorado Springs Bankruptcy LawyerBankruptcy carries the promise of a new beginning.The Colorado Springs Bankruptcy attorneys at McKinney & Associates understand the anguish that often accompanies a family or individual’s decision to file for bankruptcy. And business or corporate bankruptcies usually threaten the livelihood of owners, workers, vendors and even the financial well-being of communities, neighborhoods and towns.But it is through bankruptcy protection that a new beginning is sought by thousands of individuals each year. Having arrived at the decision, many are pleasantly surprised to learn that the hardest part is behind them. The negative stigma associated with bankruptcy largely diminished as the Great Recession took its toll and revealed the excesses of Wall Street and corporate America. |
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| The number of Colorado bankruptcies has more than tripled in recent years as consumers buckled under the weight of credit card debt, bad mortgages, medical bills, divorce and unemployment. Studies show that the great middle class upon which the nation’s prosperity was founded is now struggling for its very survival. Boomers are heading into retirement with little or no savings. Social Security is faltering. Health care expenses are increasing by double digits. And the accumulating strain is tough on even the strongest marriages.Filing Chapter 7 bankruptcy in Colorado will immediately stop the harassment of bill collectors and the incessant phone calls. Foreclosures, garnishments and liens can be halted. And together, we can sit down with you (in the peace and quiet!) and determine the best course of action. In most cases, Chapter 7 bankruptcy, sometimes called a liquidation bankruptcy, will allow for the forgiveness of most debt, with a few exceptions, including tax liens, child support and students loans.Often, consumers are under the mistaken impression that real relief is not available since the government overhauled bankruptcy laws several years ago. This is simply not the case. The most significant change is the use of an income-to-debt ratio that will be used to determine whether all debt may be forgiven or whether a payment plan needs to be established. Chapter 13 bankruptcy is the traditional form of bankruptcy that establishes a repayment plan. Please do not confuse this with the debt repayment plans offered through various credit counseling services. A Chapter 13 bankruptcy filing is a powerful tool that will also put an immediate stop to the hassling tactics of creditors and allow you and your attorney to create a feasible repayment plan with the approval of the court. Debt may be forgiven if it cannot be repaid within a specified period of time. Credit counseling services frequently try to scare consumers with talk of the high cost of bankruptcy and the long-term damage to your credit rating. Don’t pay any attention. If you are considering bankruptcy, your credit has likely already taken a hit. In many cases, bankruptcy is the quickest and most economical way to make a fresh start. Your credit will recover – in many cases faster than if you limp along trying to make unaffordable payments. Best of all, you will get your life back. And be given the fresh start that so many families need to secure their financial well-being and quality of life. However, filing for bankruptcy in Colorado is best done with experienced legal help. A poorly executed bankruptcy can quickly lead to financial devastation. Once filed, a consumer is not eligible to seek bankruptcy protection again for years. Failure to include a creditor, even one you did not know existed, can quickly lead back to financial trouble, only without the safety net that bankruptcy provides. For a free initial consultation in Colorado Springs and the surrounding area, contact McKinney & Associates today. Call 719-633-4541. McKinney & Associates — 719-633-4541 – Free Consultation |
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