A New York Times article about personal bankruptcy written today by the Associated Press caught my attention. The following is a direct excerpt from the article.

“With unemployment expected to persist above 10 percent through 2010, more Americans whose debt has ballooned may wonder whether they should seek protection from their creditors.

“Last year was the seventh-worst on record for personal bankruptcy: 1.4 million new cases were filed nationwide. Richard Chang, a bankruptcy lawyer in San Diego, said his current cases often result from the recession-from a client losing a job or having work hours cut or from a mortgage rate resetting higher than a client can afford, or a combination.

“Deciding whether to take the plunge is the result of art more than science or accounting norms. Many financial advisers recommend considering filing for bankruptcy if you can’t figure out a way to pay off your unsecured debt within five years.”

If you live in Denver, Aurora, Arvada, Brighton, Broomfield, Commerce City, Englewood, Golden, Highlands Ranch, Lakewood, Lafayette, Littleton, Northglenn, Westminster, Wheat Ridge, Colorado, please feel free to contact me with any questions.   Kevin D. Heupel, Colorado Bankruptcy attorney, 303-955-7570, COBankruptcyHelpEmail, free-consultation form.