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As a Denver family law and bankruptcy attorney, Mark J. Berumen is sensitive to his clients' needs on a personal level and strives to provide them thorough, level-headed, knowledgeable, reliable and effective legal counsel every step of the way. You do not have to let bankruptcy and family law decisions fall on your shoulders alone.
Today’s economy is built on incurring debt. We invest in the future by taking out mortgages, car loans and credit card debt to build toward success. Unfortunately, predatory lending practices have made it difficult to adhere to the terms of a loan agreement, especially when unexpected issues such as divorce, health care problems or job loss have created a dire financial situation.
For years, people have thought of bankruptcy as a path to loss and shame, but filing for bankruptcy no longer carries this stigma. Anyone who is facing overwhelming debt can achieve very reasonable, favorable and respectable solutions through bankruptcy filing.
At Berumen Law Firm, P.C., we help people protect their assets, their savings and their future with reliable, straightforward guidance in the bankruptcy process.
If creditors are calling you to collect, you are under the threat of home foreclosure, or you simply know that there is no way to keep up with your debt payments, do not hesitate to contact an experienced Aurora bankruptcy lawyer at our office and learn more about your options during a free initial consultation.
Chapter 7 bankruptcy is typically used for individuals who lack the income and assets to make payments. Their unsecured debts are typically discharged after assets are liquidated. However, do not let the term "liquidation" concern you. Asset protection is available through bankruptcy exemptions, which allow people to save the majority or all of their precious assets from liquidation.
Chapter 13 bankruptcy is more appropriate for individuals or families with a steady income and substantial assets who cannot make payments on their debts. In Chapter 13, debts are reorganized into manageable payment plans with financial issues resolved within three to five years.
Life after bankruptcy is not as frightening as you might think. In most cases, you will not lose much, if anything. Bankruptcy exemptions offer methods for protecting the assets that matter most to you.
Bankruptcy will have an effect on your credit score, but in most cases, by the time an individual reached the point of filing bankruptcy, his or her credit score is already in crisis. Moving forward with bankruptcy is a good way to get a fresh start and begin rebuilding credit.
t takes time to rebuild credit. Start by obtaining a credit card with a low limit. Only put a small amount of charges onto that account and pay it off every month. If you stay on top of your bills after filing bankruptcy and avoid getting into debt again, your reputation with creditors will get better eventually.
Pursuing loan modifications, negotiating loan payments and filing lawsuits against creditors for predatory lending practices can sometimes yield results, but not as often as filing bankruptcy. It truly is one of the most efficient, effective and relatively simple ways to overcome financial issues.
Your debt-to-income ratio is a more accurate representation of your ability to pay off debts. There is no specific dollar amount required in these cases. Every debtor is different, so work with an attorney who can provide insight into your eligibility.
Despite the direct correlation that these financial obligations have with overwhelming debt, student loans and child support are not dischargeable through bankruptcy. There are, however, other ways to manage these challenges and negotiate more effective payment plans.