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October 2012 Archives

Economy shows improvement, but consumers still in debt

Coloradans know that when expenses are significantly more than a family's income, the family is likely to experience severe financial challenges. Those challenges can take a number of forms, including mortgage loans, car payments and significant credit card debt. When this combination of debts reaches an unbearable amount, seeking bankruptcy protection may be a necessary and helpful option.

Changing from Chapter 7 bankruptcy to Chapter 11

Personal Debt, foreclosure and unemployment are all situations that often lead to significant financial challenges within a family or for an individual. Bankruptcy, whether it is Chapter 11 or Chapter 7, may be the only option available to those experiencing financial difficulties. Generally, since the recession starting in 2008, attorneys, including those in Denver have noticed a significant increase in bankruptcy filings.

How can Colorado residents stop foreclosure?

Recent foreclosure statistics in Colorado still offer a somewhat murky picture of the state's overall housing crisis. In general, the number of foreclosures has gone up while the amount of foreclosure auction sales has gone down.

Colorado grocer files for bankruptcy, temporarily closes stores

Individuals who are considering bankruptcy as a debt consolidation process may be interested in the story of Colorado grocery chain's recent filing in U.S. Bankruptcy Court in Denver. Bella's Market is seeking to reorganize assets and stave off what the CEO of the company called "an overly aggressive creditor." While the grocery chain may be having financial difficulties, it has reportedly been repaying all of its debts on time.The company has stores in eight small eastern Colorado towns, plus another store in Kansas. Three of the Colorado stores, located in Wiggins, Akron and Haxtun, plus the Kansas store, will be closing temporarily. The CEO of the company said that all four stores will soon reopen. Stores in Wray, Stratton, Limon, Wellington and Walden will remain in operation, with no employees being let go.