Be Aware of What's Happening With Your Finances!

Sometimes we have to scratch our heads, we look at a Fort Collins Bankruptcy case and we wonder what people are thinking, or not thinking.  Meet Tom, a middle aged father of 3 who had filed for Chapter 13 Bankruptcy in Fort Collins about a year ago.  Tom successfully went through the credit counseling classes that he needed to and had a repayment schedule that was running about $700.00 a month after his Fort Collins Bankruptcy Attorney had negotiated a settlement for him.  An important note here, we were not that Fort Collins Bankruptcy Attorney.  We looked at what had happened to Tom since last year. 

Tom had scheduled payments and it turns out that the trustee didn’t make the payments for him in a timely manner, and this caused the terms and conditions of his Chapter 13 bankruptcy to be in a default state.  His trustee was very apologetic, and likely will have legal recourse against him, but this isn’t helping Tom today.  It’s practically like starting over for him.  The whole painful process is happening to him again.  This is unfortunate.  We’re doing this case at a steep discount as we appreciate his dilemna, but trust has been broken and the time had been extended on his financial woes.  This is an example of why it is crucial to find a bankruptcy attorney in Fort Collins who you can trust.  (Even if it’s not us, you need to be comfortable with your Fort Collins Bankruptcy Attorney!)

Are you thinking about bankruptcy in Fort Collins?  If you are, you have come to the right place.  We are not a firm that promises that all of your past decisions will have no consequences.  However, there are times when the current economy or medical setbacks makes the bankruptcy protection our law affords a necessary recourse for honest people here in Fort Collins.  What are some Chapter 7 bankruptcy and Chapter 13 Bankruptcy secrets?

1. When you are granted bankruptcy protection, your creditors have to leave you alone.  In fact, when you file, they must work through your attorney and stop harassing you.  Are you ready for relief from these calls?
2. You won’t have to necessarily give up your house and car.  These are secured debts and the debts you are normally wiping out are unsecured debts.
3. Privacy matters, in general your friends and family won’t even know (unless you tell them) and the other creditors are not notified unless you name them as one of your creditors in your filing
4. You are not blacklisted from getting credit again.  In fact, often your credit will quickly improve in many cases.  Why?  Because you will start getting on a pattern of paying back your obligations instead of always being late or not paying at all
5. You won’t lose your job.  Your employer is not permitted to discriminate against you because you have sought bankruptcy protection here in Fort Collins!

Gentler Times For Michael Vick?

I want to write this blog to both complain and compliment the American Legal System.  Michael Vick, the notorious man who was indicted in a dogfighting ring recently filed for bankruptcy.  How can this be, most of us who make less tha the 1.5 million Vick is going to get paid this year find this kind of crazy.  Now, bankruptcy is designed to help a person in dire financial straights, and believe it or not, but Mr Vick has a lot of debts and not much income.  As of the last accounting we saw, he owed just over $20,000,000 and has assets of just over $16,000,000.  That’s a $4 million dollar differential.

Now, how does an athlete who seems to be forgiven everything because he is electric on the playfield, is able to kill dogs and skate away after filing bankruptcy.  Now, we must remember, the law does not (or should not) decide to make one suffer because they don’t have a personality or a morality we agree with.  What does that mean for you and I?  Basically, it is an awesome thing for someone really struggling to even keep up with their interest payments.  The law allows us all a fresh start. 

Michael Vick is involved in a Chapter 13 filing, so it is important to realize he still is responsible for his debts.  A chapter 13 bankruptcy fining in Fort Collins is just the same.  You may not be making over a million dollars.  Bankruptcy is blind to the normal classes that divide us…  Male/Female, Black/White, Rich/Poor…  A white woman has the same chance to be given bankruptcy protection if she has $30,000 of credit card debt as a rich African American does if his legal expenses and debts have become too burdensome.  Yes, we all find dogfighting to be sick…  but the good news is we live in a country where our courts are rightfully supposed to care more about facts than it does about race or sex or age or religion.  If you need any help looking at your situation in Fort Collins, give us a call.