Don't Wait Until It's Too Late by Dennis Babiniec

It is common for people to avoid dealing with stressful situations including financial difficulties.  When the money coming in does not cover the bills that are due, it produces anxiety because there seems to be no answer to the problem.  But if financial issues are not addressed, eventually the debts will go into the collection process leading to judgments and then garnishments and judgment liens.  The end result is that the person's wages, bank accounts or home could be attached to pay the debt and inaction could exacerbate the financial problems even more by the loss of money and property.

Finding out your options prior to getting to that point is a prudent thing to do.  As a bankrutpcy attorney with over 30 years of experience in the Denver area, I can analyze financial situations and inform the person of their options in order to address their specific situation.

The three most common options to deal with debt problems are a debt repayment approach, a debt settlement approach or a bankruptcy approach.  I begin my analysis with examining the financial resources of the person, their living expenses and their debt obligations.  From the analysis I can inform the person of whether they have sufficient income or assets to likely accomplish the resolution of their debts or whether bankruptcy would be a viable option.

The bankruptcy option generally includes the availability of Chapter 7 and Chapter 13 bankruptcy.  Each Chapter has it's own features and requirements that can be examined under the individual circumstances of each person.  But what sets aside bankruptcy from the other debt resolution options is that it involves the legal discharge of debts by operation of law, rather than having to rely on the creditor to be willing to negotiate an arrangement to resolve a debt.

So even if a creditor is uncooperative and not willing to work with someone to resolve the debt, the Bankruptcy Code will determine the dischargeability of the debt and the creditor is powerless to enforce a debt that is discharged in bankruptcy.

If you are under stress over your financial situation, I would like to help.  Please call me today at:  303-451-9110 for a Free Initial Consultation to find out your options and how bankruptcy could apply to your situation.

Dennis H. Babiniec
attorney at law
10701 Melody Dr., Ste. 350
Northglenn, CO 80234 posted: October 17, 2013 - Dennis Babiniec - Bankruptcy Lawyer - Blog
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