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Five common reasons for bankruptcy

You may be in a situation where you need to file for bankruptcy. It can be frightening to think about, and you do not want to get yourself in that position. Many people who file for Chapter 7 or Chapter 13 bankruptcy do not foresee the filing in their future. Over time, they find themselves unable to keep up with bills and payments due to unfortunate circumstances and struggle to get back on their feet.

What are some common reasons someone might file for bankruptcy in Colorado?

Stop that! Understanding how bankruptcy can help you

You try your best to budget. You work hard and make your payments as best you can. Unfortunately, bills can get out of hand. Unexpected expenses pop up. Before you know it, you find yourself struggling to divvy up your paycheck. Struggling with debt is more common than you may think. Falling behind on payments can be stressful. You may feel like you have no options and that nothing can protect you as creditors have started calling you constantly.

You worry about losing your car and your house. Without a place to live and transportation, you can’t work. If you can’t work, you can’t even begin to catch up on paying your bills. You fear that things will just keep getting worse. Filing for bankruptcy may be the best option for you.

5 steps you need to take to control your money stress

Is there anything worse than being stressed out about money? Maybe it’s the credit cards getting out of control. Or possibly it’s the medical bills that you don’t have enough money to pay for. Now, it seems like every time you open your mailbox there’s another past due notice. You’ve stopped answering your phone when there is a number you don’t recognize—and for sure, you don’t want to listen to the lengthy voicemail they’ve just left you. You are stressed out.

You are not alone. In fact, over 62 percent of your fellow Americans report feeling stressed about their financial situation. In a 2017 report, Stress in America, money was the second most common source of stress, after concerns about the future of our nation.

What you should know about Chapter 7 liquidation

Some Colorado residents may be considering filing for bankruptcy to eliminate the burden of debt, but they are afraid to take the first step. Worries that the bank might take away certain assets might be preventing you from seeking debt relief.

Chapter 7 bankruptcy does not require a repayment plan like Chapter 13. In exchange for debt relief, some people may have to allow the bank to sell assets to pay for the unpaid sum in part or entirety. This process is called liquidation. Although it sounds scary, most people keep almost everything, including their house and car.

Contact

The Law Offices of Sutton & Sutton
1746 Cole Boulevard Suite 225
Lakewood, CO 80401

Phone: 303-277-1927
Fax: 303-996-6605
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