Of all the questions I get asked during consultations with potential clients, “When will I be able to buy a house?” has to be in the top five. They are concerned about how bankruptcy will affect their financial future and how long they’ll have to wait before they’ll be approved for a mortgage. Unfortunately, there…Read more
How Veterans Can Avoid The Bankruptcy Means Test
As a navy veteran, veteran issues are near to my heart. It seems that more and more I am meeting with people who have been recently separated from the military for disability reasons. While most of these individuals are receiving veteran disability benefits which place their income well within the median income for their household…Read more
What You Should Know About Credit Repair Agencies And The Colorado Credit Services Organization Act
If you’re like most people who come into our office for a consultation, you consider bankruptcy to be an option of last resort. Like you, these people have tried other approaches to getting their debt under control or improving their credit rating. If you are trying to improve your credit score, you may have come…Read more
How To Rebuild Your Credit After Bankruptcy – Pay Off Your Credit Cards Every Month
As you can imagine, you should expect that filing bankruptcy will make your credit score drop. Depending on what your score was before you filed, it can take a fairly significant hit. One of the biggest misconceptions, though, is that you won’t be able to get credit for ten years after you file. You might…Read more
The Hidden Cost Of A Deed In Lieu Of Foreclosure
Lenders will sometime offer customers whose homes have been placed into foreclosure status an alternate path. As its name suggests, a “deed in lieu of foreclosure” is not foreclosure, but there are consequences that are just as serious. When a lender forecloses on a home, it has to jump through many legal hoops to take…Read more
How To Tell If A Debt Collector Is Legitimate
If you’ve ever been late to pay your creditors, you know that it doesn’t take long for them to get in touch with you. It’s rare for them to let a week after you’ve missed a payment before they give you a call. At first, they’ll be sympathetic and seem like they want to help.…Read more
What You Should Know About Helping Parents File Bankruptcy
From time to time, I get calls from someone who is trying to find out if bankruptcy is a good option for their parents. Usually the parent is on a fixed income and the child has been providing financial assistance to help make ends meet. At some point the subject of how the parent is…Read more
Young Adults Expect Paying Off Student Debt Will Take Decades
National Public Radio aired a great interview this week with recent college graduates to talk about their student loan debt. Student loans are often categorized as “good debt” or an “investment”, but as some of the interviewees note, it’s hard to imagine an 18 year old fully knowing what they’re getting themselves into when they…Read more
Colorado Bankruptcy Median Income As Of April 1, 2014
The United States Census Department has issued new median income numbers for Colorado as of April 1, 2014, which are as follows: Household size: 1 – $50,978 Household size: 2 – $66,663 Household size: 3 – $72,180 Household size: 4 – $84,551 *Add $8,100 for each individual in excess of 4. Determining the household income…Read more
How Debt Settlement Can Come Back To Haunt You At Tax Time
One of the things that I talk about during initial consultations with potential clients are alternatives to bankruptcy. The biggest one, of course, is debt settlement. Debt settlement is where the lender agrees to accept a smaller amount than what’s owed to satisfy a debt. For someone struggling to figure out how to take care…Read more
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