Law Offices of Trunnell & Sellers
Live chat software for business

Helping our clients renegotiate debt or file bankruptcy in the following Colorado cities:

 

Contact a Local NO DEBT CLUB Chapter

Tools

  • Free Family Budgeting Spreadsheet - This is a variant of a popular old Excel Template
  • If you want to budget online, we think Mint does a good job with a cloud based budgeting site.
  • Our Tips of Saving Money with your current budget
  • Check out our Tips pertaining to Credit Cards
  • Another valuable site is My Money, a government sponsored site to help the average American consumer.
  • YNAB is interesting and helps a beginner learn some of the basics in relation to planning a budget. YNAB stands for You Need A Budget.
  • Mvelopes is an online method of using the "envelope system" to a budget. For example, putting $200 in an envelope to be the "eating out" part of your budget. Instead of an actual envelope, it takes the same concept and makes it electronic.
  • Behind on your bills? The FTC has come up with a great single page which overviews your rights as a consumer and helps you not become a victim of predatory collection practices. We help ensure the creditor's follow these rules!
Bankruptcy, Debt Renegotiation or Work Harder?
One of the biggest questions our clients have is what they should do? What makes the most sense, bankruptcy, debt renegotiation or simply working harder. There are benefits and drawbacks to each of these strategies. We will outline a few pros and cons for each of these for you. Bankruptcy Pros
  • Debt is wiped away. You get a financial fresh start.
  • Creditors HAVE to stop calling you
  • Massive amounts of debt can go away quickly.

Bankruptcy Cons:

  • The rules to filing are specific. This is to protect the creditors. If you file this year you cannot file next year. It is important to make sure you take advantage of the fresh start you are getting.
  • It can stay on your credit report for a while (but frankly, so does not paying bills on time...)

Debt Renegotiation Pros:

  • You haven't used up the "trump card" in a bankruptcy
  • A large amount of debt is reduced quickly
  • People feel better since both parties agree to the terms.

Debt Renegotiation Cons:

  • You will generally need a good amount of cash on hand as the creditor will want the full payment for renegotiating the debt (otherwise, why would they be willing to do it.)
  • You can have some trouble getting new credit as they are likely to reflect this transaction to the credit bureaus.
  • It can lead you to a debt renegotiation firm who often charge as much as they "save" you and utilize some less than exciting tactics to get you to sign the paperwork. Just be aware a bankruptcy attorney can help you far more with debt renegotiation than these firms can because the bankruptcy lawyer can always let them know you are being represented by their firm and the creditor would rather have some money than no money.

Working Harder Pros:

  • We all like to know we honored our word and paid what we owed. If this is possible, it is certainly ideal!
  • If we can ultimately pay it all, our credit score will be higher than if you use one of the other 2 methods.
  • Your kids will see how important it is to mom / dad to pay back their debts and remember the lesson (hopefully)

Working Harder Cons:

  • Many people try working harder and ultimately have to choose one of the other two options as late fees and interest rates grow faster than their ability to pay their debts.
  • You will continue to get harassing creditor calls that would stop in the bankruptcy proceeding and AFTER the debt was renegotiated.
  • You will likely be unable to save for kids college funds, etc as you work back to health
  • One little setback may completely take you off course (a sickness or death in the family, loss of work or even hours, etc...)
5 Essential Credit Card Tips!
Most Americans have credit cards. Colorado residents are not an exception. So, if you are going to have a credit card, what are some things that you can do which will help make sure that you are not getting killed on interest rates and late charges? Here are 5 tips we feel will help every consumer and hopefully help you not need to file bankruptcy!
  1. PAY ON TIME -- Credit card companies are famous for making bills due on the 19th or some arbitrary number and it normally takes a week or so for your payment to arrive and be processed. Make sure you don't miss this deadline by a day or two as it could cost an extra $40 a month for you.
  2. DON'T EXCEED YOUR CREDIT LIMIT - If your credit limit is $10,000, don't go over $10,000 or extra penalties get assessed.
  3. AVOID SMALL FEES -- Fees for things like cash advances, foreign transactions, etc can add up to hundreds of extra dollars per year.
  4. AVOID RATE INCREASES -- You will often see the interest rates change after an initial time period. It is something you need to carefully watch as the difference between 4% and 23% can add years to your payback timeframe!
  5. PAY EXTRA - It is good on any loan to pay more than the minimum payment, if possible, as it reduces the principle and makes it so you can be out of debt that much faster!
We hope these tips help you out and that you can come back here and get more and more advice as you work to become debt free. If your credit cards have gone completely out of whack, maybe it's time to consider a bankruptcy attorney.
We are a debt relief agency. We help people file for bankruptcy under the federal bankruptcy code. Give us a call with any questions you might have pertaining to debt relief or debt renegotiation!
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