A Debt Helper Can Help with Debt Consolidation

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Americans are drowning in debt and, in fact, collectively owe more than $13.8 trillion to debtors. If you’re one of these Americans feeling the pressure of too much debt, you do have options beyond worrying and scraping by to get your bills paid. Have you considered hiring a debt helper to help you navigate the world of debt consolidation?

Finding a debt helper 

There are plenty of options when it comes to finding a debt helper when you’re feeling overwhelmed by your bills and responsibilities. Money is a hard thing to discuss with friends and family, especially if it’s about money troubles. But if you can, ask someone you’re close to if they know anyone that helps with these situations. If all else fails, head the internet for a quick Google search for debt helpers in your area. 

Getting your paperwork together

Once you find a professional to help you with your financial situation, start gathering your paperwork. Your debt helper will want to see all of your most recent credit card statements, loan balances, and other financial obligations that you carry. Create a file of these items and be sure to bring them to your consultation appointment.  

What your debt helper will do

Your debt helper will look over your documents and formulate a plan. Part of that plan will be calling your credit card companies and other debtors to negotiate lower interest rates and maybe even settlement balances lower than the amount you actually owe. If creditors agree to these kinds of terms, most often it will include closing your account once it’s paid in full so you will no longer have access to that line of credit.  

Impact on your credit

Enlisting the assistance of a debt helper can improve your credit over the long term. It’s important to keep up with your arranged payments and to always make them on time. It’s likely that the debt your currently carrying has taken a toll on your credit score, but with a solid history of chipping away balances due and consistently paying on time, your score will start creeping up in no time.

bankruptcy

Bankruptcy attorney: How to find one

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Finances are tough and bad things can happen to good people. Research indicates that as much as 60 percent of all bankruptcies filed are caused by mounting medical bills that cause general financial strain. But there is life after bankruptcy, and a bankruptcy attorney in Boulder can help guide you through the process and find the light at the end of the tunnel.  

Look for a bankruptcy attorney online 

There are great resources for finding bankruptcy attorneys in the Boulder area online. Not only can you then browse their website to learn more about their area of expertise, but you can also read about past client testimonials on their website, and on third-party sites that collect reviews of area businesses. If you find a bankruptcy attorney that gets mostly good reviews from clients, perhaps it’s time to learn a bit more about him or her.  

Set up a consultation

If you can narrow down your search to three bankruptcy attorneys, you should then try setting up a free consultation with them all. This meeting will allow you to get to know them a little better, and learn more about their methods and the bankruptcy process in general. If you find one that you feel very comfortable with, that’s a great sign that you’ve probably found a bankruptcy attorney that you’ll work well with.  

Follow the lead of your bankruptcy attorney

Once you choose a bankruptcy attorney, they will guide you through the next steps for filing bankruptcy. They will also help you to determine which type of bankruptcy to file. The process can be complicated, but your knowledgeable lawyer will let you know exactly what needs to be done and when. Once the paperwork is filed, and all of your hearings have taken place, you can expect to have your bankruptcy completed in less than a year.

debt helper

Filing for Bankruptcy 101

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According to the American Bankruptcy Institute, about 600,000 each year file for bankruptcy in the US. Graph with link. Job loss, divorce, and medical bills are the three most common reasons that filers site for taking this legal step. If you’re considering doing so too, you’ll want the help of a trusted bankruptcy attorney in Boulder. 

Chose a chapter

Once you identify a bankruptcy attorney in Boulder to help you through the process, you’ll need to decide which chapter you’ll be filing. Chapter 7 allows a debtor to discharge all of their debts with a few exceptions like student loans. Chapter 13, on the other hand, doesn’t discharge debt and instead puts you on a trajectory for paying back your debts through payment plans and is more of a debt reorganization plan.  

Collect your documents

One of the first steps you’ll need to take is to collect necessary documents. Contact each of the three credit reporting bureaus – Experian, Tranunion, and Equifax, and request current credit reports. Collect any billing statements you have in your home, as well as any other documentation that shows money due for goods and services that you can’t pay.  

Register for credit counseling

In order to file for bankruptcy, you must first register for and complete a credit counseling class. These classes are held all over and a simple Google search will return several providers in your area. Your attorney can also suggest a place where you can take care of this requirement.  

File forms in court

The next step is to sign a bankruptcy petition. These forms disclose all of your debts and other financial information like assets that you own. Your lawyer will then submit your petition to the court and the day of filing becomes the effective day of your petition. The court will then issue your first bankruptcy hearing date.  

Attend 341 meeting

Your hearing date is called a 341 meeting and it will be the first time you meet with your bankruptcy trustee to discuss your circumstances. Your creditors are also invited to attend the meeting but seldom do. These meetings are typically pretty quick and your lawyer will prepare you for it.

Start rebuilding your finances

Following your 341 meeting, and the completion of your credit counseling class, you will be issued a certificate of discharge which shows that your debts have been discharged by the court as of a specific date. You will use this certificate in any financial dealings moving forward, and with creditors who might still come knocking looking for payment. Your lawyer will advise you to hang on to this paper for a minimum of 10 years.

10 Unspoken truths About Bankruptcy

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The 10 Unspoken Truths about Bankruptcy

 

  • You can restore your credit in about five years.
  • You can buy a home in three to five years.
  • You can file bankruptcy more than once.
  • You will not lose everything that you own.
  • Everyone will not know about your bankruptcy.
  • Chapter 7 does not always wipe out all of your debts.
  • You can keep most of what you own in most cases.
  • You can credit after filing bankruptcy.
  • Most bankruptcies are filed due to medical expenses, unemployment, or divorce. Nor because someone is a deadbeat.
  • Collectors must stop bothering you after you file bankruptcy.
  • You do not have to include your spouse in your bankruptcy.
  • You do not need to have a minimum amount of debt to file.
  • Chapter 13 bankruptcy payments vary based on the results of a means test.

 

 

Click here to learn more truths about bankruptcy in Boulder and Colorado from Boulder attorney, Paul Stuber.  To have no cost, no obligation discussion with an experienced Boulder Bankruptcy attorney, call attorney Paul Stuber at (303) 442-6448.

Filing For Bankruptcy

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 Bankruptcy laws help people who can no longer pay their creditors get a fresh start – by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.

Most cases are filed under the three main chapters of the Bankruptcy Code – Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court.

If you are thinking about filing for bankruptcy, call me first for a free consultation. I have been practicing law in Colorado for over 30 years, specializing in bankruptcy cases in the state of Colorado. I provide fair, affordable, and friendly service. Call me today for a free consultation, and click here to fill out my bankruptcy questionnaire.

(303) 442-6448

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Lawyer Q&A: Bankruptcy

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Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating assets to pay their debts or by creating a repayment plan.

Bankruptcy is also a legal status of a person that cannot repay the debts it owes to its creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Here is a recent Lawyer Q&A that I participated in. For more information about bankruptcy call the Law Office Of Paul Stuber in Boulder Colorado at (303) 442-6448.

Question: If I filed for bankruptcy and later got served a summons for court over a debt I had listed on the bankruptcy petition is there anything I can do?

Paul Stuber: It is important to let them know about the bankruptcy right away. Sometimes the contact that was in the petition does not get it to the collection attorney right away. As soon as they know about the bankruptcy they must stop the collections effort under Federal Law. It doesn’t hurt to remind them of that fact and they should let you alone. If you have an attorney make sure the collection attorney is given your attorney’s name and number. If they continue they are in violation of the automatic stay under the Bankruptcy Federal Law.

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