For some borrowers, considering filing for bankruptcy can be the best move for improving their overall financial health in 2014.

For some borrowers, considering filing for bankruptcy can be the best move for improving their overall financial health in 2014.

Concluding the three-part blog Six Financial Mistakes to Avoid in 2014, the following outlines some final pitfalls that you should avoid in 2014 in order to improve your overall financial standing.

  • Mistake #5 Not reviewing your credit report for possible mistakes: At least once a year (but, better yet, once every six months or so), it’s an extremely good idea for you to request a copy of your credit report from each of the three credit reporting bureaus and thoroughly review these reports for possible mistakes or discrepancies. What you should be looking for when you pore through your credit report are possible debts that you may have paid off and/or debts that you never, in fact, acquired.If you happen to catch a mistake on your credit report, it will be crucial that you contact both the credit reporting bureau and the company that has listed the debt in question to report the mistakes. While you may have to provide evidence that the debt is a mistake (by, for example, showing proof that you paid the debt in full or that your credit card was stolen), taking the time to follow up and correct these mistakes will be vital to improving your credit score and, as a result, your overall financial health in 2014.
  • Mistake #6 Not considering bankruptcy when overwhelmed by debt: Possibly one of the biggest mistakes that borrowers may each year is not considering filing for bankruptcy when they are clearly buried in debt. When debtors continue to dig themselves into debt and don’t consider their options for obtaining a financial fresh start, the end up accumulating even more debt because each month that passes results in additional interest payments being tacked on to the existing debt.Some signs that it may be time for borrowers to speak with an attorney and consider filing for bankruptcy can include:
    • Receiving past-due notices on your bills
    • Facing the possibility of foreclosure on your home
    • Being threatened that your wages will be garnished and/or that your car (or other possessions) will be repossessed.

Colorado Bankruptcy Lawyers

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.