Numbers of local consumers newly uncomfortable with their
accumulated debt loads are beginning to worry over the economic problems
affecting Colorado and the nation as a whole. These consumers tend to
flock toward bankruptcy attorneys to see whether or not Chapter 7 or
Chapter 13 bankruptcy protection would better their situation, and,
after the changes to the bankruptcy code following the 2005 legislation,
whether or not they would even qualify for Chapter 7 debt elimination
bankruptcy in their state of residence. While virtually all the citizens
of Coloradan that we have spoken with maintain some knowledge of
bankruptcy processes – after all, growing up in the United States of
America, even children recognize that bankruptcy is meant to offer a
fresh start to debtors who have gotten in over their head with bills
they’re unable to pay – most ordinary consumers are unaware of the
actual specifics regarding bankruptcy declaration and eventual
discharge.
While we can’t pretend that the totality of knowledge
floating about the potential repercussions and intrinsic loopholes of
bankruptcy should be able to be glossed over in an article such as this,
there is information every Coloradan debtor should be aware of before
taking another step. It seems, from our correspondence, that almost no
Coloradan not already working in the financial services industry has
more than a cursory understanding of how their local statutes will
protect their assets in the event that they do decide to go through with
bankruptcy declaration. For instance, every state holds personal
exemptions that borrowers can choose to invoke rather than taking
advantage of the (generally far harsher) federal exemptions, and these
may change greatly depending on the borrowers’ location around the
country. Any consumer seriously interested in bankruptcy should first do
their own research on how bankruptcy (and, especially, bankruptcy in
Colorado) could help their own financial scenario before paying the ever
more expensive costs that comes along from even a consultation with
experienced bankruptcy attorney firms. These lawyers charge by the hour,
after all, and there is no reason to ask questions that could be easily
answered for free should the borrowers have sufficient interest.