Who Goes to the Bankruptcy Court?

You ever wonder about who files in the bankruptcy court to get out of debt.  We tend to think it’s people with very little money.  However, a few years ago, a widow found herself in bankrupty court due to her late husband’s business dealings. The assets that become known in the petition included two homes and $4 million worth of furs and jewelry. Her primary home was worth $6.7 million and her second home in Colorado was valued at $28 million. Even with millions of dollars in assets, the widow claimed she couldn’t cover what she owes to creditors. The total assets listed were $67 million and debt near $81 million.  Click here to read the full details about her case.

When you think of someone in bankruptcy court, is this whom you picture? Do you picture wealthy people who have overspent by millions of dollars on multiple cars and furs and then find themselves filing bankruptcy? Most of us would think that would never happen.  However, many people from different walks of life file bankruptcy.

Do You Need Help from the Bankruptcy Court?

Many people file bankruptcy each year at the Colorado bankruptcy court to get out of debt.

Thousands of people every year file bankruptcy in the Colorado to get out of debt. The majority of these individuals are hard-working citizens, just like you, who find themselves in a financial pinch and walking into bankruptcy court. The debt that leads to bankruptcy court is usually caused by an event of out their control, such as a job loss, multitude of medical bills, and now – COVID. It is rare for individuals who simply have lived beyond their means and went on multiple spending sprees to file bankruptcy.

The bankruptcy court doesn’t discriminate, which is good and bad. The downside is that people from all walks of life – from the very rich to the very poor – are susceptible to finding themselves in bankruptcy court. BUT for the very same reason, availability of the bankruptcy court for anyone is truly a positive thing. No matter what financial situation you are in – and no matter how much you make or how deep you are in debt – there are many debt relief options available to you. In fact, many of our clients don’t go to bankruptcy court because there is a different debt relief solution that works best for their situation.

Call Colorado Debt Help

There are so many debt relief options that the best thing to do is to call Colorado Debt Help and schedule a free consultation to find the right solution for you. Filing bankruptcy may be the best option, or a different option may be better for you. We have other solutions such as debt settlement, credit counseling, debt management plans, etc. Let Colorado Debt Help find the best debt relief option for you. The first appointment is FREE so get help now!