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Secured products can help you rebuild your credit post-bankruptcy

One of the reasons that many people hesitate to file for bankruptcy is that they assume they won't be able to get credit again for a very long time. A bankruptcy will stay on your credit reports for a decade. This will impact your ability to qualify for credit cards, loans and other credit products. However, you can still begin to rebuild your credit immediately.

Debt is no longer unusual for retired seniors

As Americans live longer, many are finding that their retirement savings isn't enough to last them through their senior years. The fixed income provided by Social Security and other government programs often isn't enough to get by. Consequently, many people are still paying off debt and even taking on more of it well into their 70s and beyond. Sometimes they do it for their own needs and sometimes to help family members.

A fresh start, not losing it all: the bankruptcy process

It is frightening to see your personal debt mount over time. What began as a simple monthly credit card bill, an unexpected medical expense or a standard mortgage payment might have snowballed from one cost to another. The next thing you know, you feel like you're suffocating under a seemingly indomitable amount of debt. There is a way to free yourself, though.

What are the most common reasons people file for bankruptcy?

It is a common myth that those who file for bankruptcy simply have spent more money than they can afford. Many fall on hard times they did not see coming, had medical issues that were expensive or lost jobs because of layoffs and cutbacks. These are things no one can anticipate, and there are many different reasons people file for bankruptcy to get a fresh start.

Debunking common bankruptcy myths

If you have ever been unexpectedly let go from a job, watched your marriage dissolve or come into considerable debt due to an accident or another unforeseen circumstance, you may have considered filing for bankruptcy. All these situations may lead you to file for bankruptcy, but if you are like many people, you may not fully understand the steps involved in the process and how the filing may affect you moving forward. Below are some of the most commonly heard bankruptcy myths debunked. Now you can separate fact from fiction and get a clearer picture as to whether filing might be in your best interest.

5 examples of debt creditor harassment

When you fall behind on bills, you do not need the extra stress of creditors bothering you. There are various reasons that people fall into debt, such as family emergencies or losing a job. No matter what got you into this financial situation, harassment from debt collectors is never okay. Understanding the characteristics of debt collector harassment will help you understand if it is time for you to seek legal action to protect yourself.

Which Assets Can I Keep After Filing Chapter 7 in Colorado?

Bankruptcy can often either be good choice or the only choice after Americans experience catastrophic illness, extended unemployment, or unsuccessful business ventures. Many individuals believe that they will lose everything they own when they file bankruptcy. However, this is not the case.

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