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  • Do’s and Don’t’s in Colorado Bankruptcy Process

    Bankruptcy even though viewed with a negative perspective, it sometimes becomes salvation for middle class who can no longer make the ends anymore. A record number of Colorado residents are seeking bankruptcy protection because of huge levels of debt like credit card, unsecured loans, rising cost of medical care combined by high unemployment level. According to the US Bankruptcy Court for the District of Colorado bankruptcies in Denver contributed for three-quarters of the 15,000 new cases filed in first half of 2011.

    During Colorado bankruptcy process a consumer can expect putting stop on foreclosure, collection calls, garnishment of wages, eliminate credit card debt, bad mortgage debt, erase medical bills and protect retirement fund. After being discharged from bankruptcy most of the persons can get car loans and credit cards very quickly. Mortgage loans are also available within a time span of two years. However, one can only begin a fresh start when they have successfully filed for bankruptcy.

    It is very important to ensure that all assets are included to avoid Colorado bankruptcy fraud. Simultaneously, all debts must also be included otherwise the person would be left liable for those debts after being discharged from bankruptcy.

    When filing for Colorado bankruptcy one must do or maintain certain things so that the process does not suffer from any kind of hindrance. This includes getting any further debt, using credit cards or writing any checks that one might not be able to cover, giving away any property, making preference payments to family members or others.

    Simultaneously, while filing for bankruptcy one must not make any major financial moves without consulting the bankruptcy lawyer. It would be a sensible decision if one starts collecting all their past due bills. In case if one owes more than worth his or her car considering alternatives would be a wise decision. Some of such alternatives include borrowing a car from family to drive temporarily, taking a loan from family for car purchase. In fact many dealers are sometimes willing to lend even before discharged from bankruptcy. Filing a motion with court to receive a discount on current car and new loan is another alternative.

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    North Metro Denver Office – 11154 Huron
    St. Northglenn, CO 80234

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    E. Florida, Suite 400, Denver, CO 80222

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