Welcome back!
The opinion of most bankrutpcy attorneys in Colorado is that they are much busier than one year ago. The economy, though strong in many areas, has hit some areas harder than others, thus filling to capacity the waiting rooms of most Colorado bankruptcy attorneys. A mix of depressed real estate and job losses and savings loss has done an excellent job of filling the seats in most attorney lobbies. It is a difficult position to be in. Business is business, and they are lucky to have it, but they each know it comes at a human price. And they are doing their best to help economic shell-shocked people.
Many who are patiently (or impatiently) awaiting their turn to see an attorney are really surprised to be in this kind of position. One individual comment is illustrative of so many: “I never saw it coming”. She was a professional with money in the bank, solid employment and a nice house. When her adjustable rate mortgage spiked and her pink slip arrived, she lived off of her savings and unemployment, until the stock market meltdown ravaged her various accounts.
Instead of having a plan to stem the losses she just kept hoping things would turn around. However, there was no respite for the mortgage and no new job and now very little in savings.
An attorney in this type of situation will review the possibilities. Sometimes the individual will have to file Chapter 7 and liquidate all but exempt assets to repay some or all creditors. A Chapter 13 filing might be the choice, with a repayment schedule set up for repayment to most or all creditors. Or the advice might be to privately reorganize finances and stay outside the court system.
Colorado bankruptcy attorneys are dealing with personal tragedies on a much higher level than any can remember, but they are helping to stabilize a local economy and to work out fair plans for debtors and creditors.