Our Colorado Springs bankruptcy lawyers want you to know about your financial options.
Our Colorado Springs bankruptcy lawyers are concerned about people who are barely getting by. Due to a recent ruling, most banks and credit-card issuers may increase the required minimum monthly payments over the next year. Your monthly payments must now cover all fees and interest and pay down at least some of the outstanding borrowing. Our Colorado Springs bankruptcy lawyers are worried about those who may not be able to make this increase.
While the goal of such a move is to help people pay bills faster, our Colorado Springs bankruptcy lawyers realize that many may barely keep financially afloat now. These rules may hit some consumers hard, especially on top of higher energy prices and rising interest rates.
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Our Colorado Springs bankruptcy lawyers recognize that the average American household possesses nearly eight major bank cards, or 17 if you include store and gas cards. Our bankruptcy lawyers' real concern is for the 19 million households - about one in six - who now may only make the minimum payments on their cards. Our lawyers believe that increased minimal monthly payments may result in an increase in defaults and personal bankruptcies.
These fears seem to be more than justified. In the second quarter of 2004, Bank of America, one of the first credit card companies to raise minimums, saw net charge-offs for bad loans soar 63%, to $691 million, though by the end of that year only $40 million was related to the increased minimums. It also increased loan-loss reserves by 21.1%, to $170 million. It seems that even a small increase of just 10 to 20 dollars in minimum payments may result in many more defaults.
If it's difficult for you to make your minimum monthly payments, now may be the time to contact one of our attorneys. All you need to do is call us at 1 (877) 349-1309. Or, use our online case evaluation form. Simply fill out this secure online form with a few details about your situation. All information is kept strictly confidential. One of our experienced legal professionals should contact you to schedule a free, no-obligation consultation.
Here are a few steps that may help you determine just how serious your current financial situation really is:
List what you owe. Prepare a table of how much you owe each creditor, what the interest rate is and how much you pay monthly.
Review your personal cash flow. Prepare a sheet that shows how much you pay out and how much you receive each month in cash.
Prepare a personal budget. You want to find ways to cut non-essential expenses.
Find out if you can set up a debt repayment plan. Many lenders will work with you and accept a lesser monthly payment in exchange for the assurance that they will indeed receive their money.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.