When Should I File for Bankruptcy?

The Law Office of Chris D. Hefty • November 19, 2020
a man is sitting at a desk looking at a piece of paper

When debt becomes seemingly too much to bear, you can easily become confused as to what course of action is best for you and your family. You’ve likely heard of bankruptcy as an option, have no idea if that is a good solution for your circumstances. As a Loveland, Colorado, bankruptcy attorney, I discuss the debt with clients on a daily basis. More often than not, clients tell me the biggest challenge they faced was knowing when it was time to file for bankruptcy, or at least contact an attorney to discuss the option.


In an effort to help you identify the proper time to file for bankruptcy, I recently came upon a helpful post from Money Talks News.


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While you may be focusing on building your budget, targeting debts, and squeezing additional savings by cutting back on shopping and using coupons, you may be spinning your wheels if you don’t have a steady income. If you have a reliable income, debt problems are often solvable without bankruptcy. However, no savings and no prospects for significant future income is a poor sign. Simply put, if you don’t have enough income left after eating and putting a roof over your head to even make minimum payments on your debts, it’s time to speak with a Colorado bankruptcy attorney.


Many people are hesitant to even consider bankruptcy because of a moral obligation to repay their debts. While this is noble, the U.S. government has put bankruptcy laws in place for a reason: sometimes bad things happen to good people, and the last thing you need is to be verbally abused by collections agencies or be made to feel guilty about things that are out of your control.


When a credit card or other company loans you money, they understand the risk they are taking. In fact, the interest rate they collect compensates them for it. You do owe your creditors your best efforts to meet your financial obligations, by you certainly do not owe them your health, your life, your sanity, or your self-respect. Bankruptcy is a good option for Coloradans who can’t pay their debts — especially if you have assets to protect, like a house, expensive possessions, or a decent income. Without the protection of bankruptcy, your creditors can file a lawsuit for unpaid debts that could result in a monetary judgment against you.


Bankruptcy Attorney in Loveland & Fort Collins, Colorado


If you are struggling under a large amount of debt, are being harassed by creditors, and simply want your life back, contact an experienced Colorado bankruptcy attorney today to discuss your options. I'll be there to help you through the process so you can start new with your financial independence. Schedule a free consultation today!

Credit report

How Does Bankruptcy Effect Your Credit Report?

By The Law Office of Chris D. Hefty • November 23, 2020
Many times I am asked the question, "How long does bankruptcy stay on your credit report?" On average a Chapter 7 will remain on your credit report for ten years and a Chapter 13 for seven years. However, bankruptcy is not necessarily a credit death sentence. With computer data collection by credit reporting agencies, the bankruptcy information on your credit report will remain listed depending on the agency's policies. You can contact the credit reporting agency to find out what their policies are and how to remove the bankruptcy information. Sometimes, the information can improve your credit. As a bankruptcy attorney, I use a credit report that displays my clients' current credit scores, along with an estimate of what their scores will be in approximately one year after bankruptcy. In most cases, their scores increase. The rare exception is the client who has been current on his or her payments but is simply overwhelmed with debt. The majority, however, are in default on all or most of their debts when they file for bankruptcy. The fundamental reason bankruptcy raises your credit score is that it lowers your debt-to-income ratio. To calculate your debt-to-income ratio, you divide your debt payments by your gross monthly income. The lower your debt-to-income ratio, the more willing creditors are to lend you money. Since all or most of your debts are discharged, after bankruptcy, you have more disposable income to pay new debts. The fact that bankruptcy can improve your credit may explain why bankruptcy filers often get offers for credit cards and car loans within weeks after their cases are closed. Credit is not indicative of your character or worth. It is simply a measure of your ability to borrow money. Bankruptcy is intended to give debtors a fresh start by freeing them from the burdens of debt. Thus, it puts them in a better financial position. To find out if bankruptcy is the correct option for you contact The Law Office of Chris D. Hefty .
a man comforts a woman who is looking at a laptop

There is Help for Unforseen Financial Difficulties

By The Law Office of Chris D. Hefty • November 8, 2020
There is a reason why so many people call Northern Colorado, "home sweet home." With an arid climate, active culture, and moderate price of living, this region is a relaxing place in which to live or visit. However, the residents and businesses are not exempt from daily issues and money troubles that can result in filing for bankruptcy. Even the most money-conscious businessperson can easily find him or herself in a financial bind. The unforeseeable does happen. When one loses a job, has a medical emergency, or falls victim to another unexpected circumstance, finances can fall out of your control, despite your savings and careful attention to detail. The threat and fear of financial risk can affect you in ways you would have never imagined. When struggling financially, the stress increases as the bills pile up. Fortunately, financial solutions may be available to aid you and your family during this tough time. At The Law Office of Chris D. Hefty , I understand that when you find yourself facing a seemingly insurmountable amount of debt, the pain you feel is not just the strains of your wallet. My intent is to not only to enhance the future of your financial situation, but also to guide you towards the absolute best solution for your circumstances. Contact The Law Office of Chris D. Hefty if you are facing financial issues or are considering filing for bankruptcy in Northern Colorado.
a pen is lying on a notebook next to a laptop and a phone

July 4th Driving Statistics

By The Law Office of Chris D. Hefty • July 7, 2018
We all know the Fourth of July as a day to kick back, relax, and celebrate the freedoms that we all take for granted every day. Many of us spend the day with family and friends, enjoying the smell of hamburgers and hot dogs on the grill. This holiday is the perfect reason to get together with people that you care about and have fun. After all, we live in a free United States, so why not celebrate all that has happened in order to get us here? This all sounds great, right? There is one unfortunate circumstance that many people find themselves dealing with around this holiday weekend — travel. For most, seeing family is not as easy as walking down the street or driving to the next neighborhood over. Most Americans find themselves having to drive quite a distance in order to celebrate this holiday the way that they want to. With so many Americans traveling during the same, very short time period, there is bound to be some unfortunate complications. Highways are backed up and busy, drivers are getting frustrated and angry, and the excitement for the holiday is quickly replaced by aggression and anxiety. We all want to get to our destination, but we all want to get there as soon as possible, and this can create difficulties. Add in the fact that this is a holiday where a lot of people are staying up late and consuming alcohol, and the roadways become even more dangerous. If we all want to get to our destination more efficiently, why is it that this specific holiday causes these significant travel problems? Why don’t these types of problems arise surrounding other holidays? Statistically, the Fourth of July is one of the worst traveling days of the year — but why? We have broken it down into three main reasons: More people are on the road. As stated before, because of the nature of the holiday and travel, there are more people on the road than any normal weekend. A lot of people have time off work, so they are using it to travel and visit friends and family. However, unlike holidays like Christmas and Thanksgiving, most people do not have a significant amount of time off of work, usually just a day or two. This means that people are having to condense their trips into a smaller amount of time, leaving most travelers driving on the same days. Without even taking accidents into consideration, this amount of travelers on the road causes delays naturally. With highway changes and lane merging, a higher abundance of motorists slows these processes down. Also, with more people on the road, vehicle malfunctions are also more likely. AAA has stated in the past that the Fourth of July is one of their busiest days, having to help motorists along busy highways and parking lots to fix problems with their cars, such as flat tires, dead batteries, and keys that have been locked in cars. In fact, the company predicts that they will have to come to the aid of 520,000 stranded motorists throughout the holiday weekend for a variety of different reasons. With so many people on the road and the abundance of traffic, drivers are finding themselves sitting unmoving on crowded highways. This can cause a lot of problems with vehicle maintenance. For example, with the holiday weekend falling right in the middle of the summer season, the constant sun and heat beating down on the vehicle can cause things to overheat, such as the battery — another thing that AAA and similar companies will aid with. People are driving farther distances. Not only are there more people on the road, people are driving farther distances in order to celebrate with family and take advantage of the long weekend. The Insurance Institute of Highway Safety says that the average distance traveled on the Fourth of July is 617 miles. To people who live near their family or do not travel very often, this number may seem high, but there are a lot of Americans who drive almost cross-country in order to celebrate this holiday. Driving longer distances can result in fatigue and frustration, especially if there is a lot of traffic. These feelings can cause drivers to get into accidents. According to the Insurance Institute of Highway Safety, on average, 161 people die in motor vehicle accidents every year on the Fourth of July. While fatalities happen every day, this high of a number for one specific day of the year should not be taken lightly. The fact that many drivers have been on the road for hours at a time is one of the leading causes of accidents and, in turn, these fatalities. People have been drinking. Many Americans find themselves consuming alcohol during the holiday — sometimes too much. According to a study done by Traffic Safety Marketing , between 2008 and 2012, 765 people lost their lives in crashes due to drunk drivers over the Fourth of July period. This accounts for 40% of total vehicle fatalities over the entire span of those four years. Drinking and driving is an entirely different topic with a multitude of surprising statistics surrounding the Fourth of July. This holiday, along with New Years and Thanksgiving, is one of the most popular drinking days of the year. Unfortunately, if someone is irresponsible enough to drink and drive, they are not only endangering themselves but all of the other drivers on the road as well. Be safe and smart when traveling during Independence Day weekend. Other than smart alcohol consumption, one of the easiest ways to prevent yourself from causing an accident on the road way is to be aware of the risks that lie ahead of you. When you choose to travel during this holiday weekend, it is important to understand the risk that you are taking on yourself as well as the risks that you are putting on other drivers. The two most important things to remember when getting in your car over the holiday weekend are: Do not get behind the wheel if you have been drinking alcohol. Expect delays. No one is going to get where they are going as quickly as they would like. The more that you anticipate these delays, the less you feel frustrated and anxious, resulting in safer driving. Although you can take preventative action from causing an accident yourself, the unfortunate truth is that you cannot stop other drivers from acting irresponsibly. Accidents do happen. If you or a loved one finds yourself injured in a motor vehicle accident during the holiday weekend or otherwise, do not hesitate to contact an experienced personal injury attorney at The Law Office of Chris D. Hefty .