Unless you had a new baby or got married or had some other event of beauty and good fortune, I think we can all agree that 2020 was a challenging and pretty terrible year. The devastating virus, the shutdowns, layoffs, and inconsistent and ever changing school schedules have left us all pretty much exhausted, confused, and often full of despair.
If you were already struggling financially, or were put in an impossible situation because of all the turmoil, things have been even harder.
But we at Mile High Bankruptcy have always been long term optimists and see hope for everyone over the horizon! New vaccines provide outstanding hope that someday soon this awful disease will be under control. We will one day return to a new sense of normal (even though we do not know what that will look like), but people will throw off the mantle of inaction and go back and work hard to take care of themselves and their families.
But another catastrophe may be looming for many folks in the buildup of personal debt that has occurred at record levels since the pandemic began. People simply needed to borrow more or could not pay existing debt to make it through this year.
Lenders have implemented temporary deferral programs in certain cases, but the debt will not go away and the banks and other creditors will soon need to go back to new and perhaps more aggressive collection efforts to get their money.
With this in mind, I believe that a Chapter 7 Bankruptcy may be a very smart move now to clean out the old and current debt, relieve oneself from one very destructive psychological worry, and prepare oneself, unburdened by debt, for the future when things begin to turn around.
History tells us that nothing lasts forever and this crisis we are in the middle of will pass and people can again become hopeful and strong and rebuild from the ashes a better life.
From all of us at Mile High Bankruptcy, we send our very best wishes and hopes for a better 2021!
If you want to talk to me about any of the ideas set forth above, just call me, Peter Milwid, at 303-831-0733. We have been helping people get out of debt and rebuild their lives since 1987.
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