In an article published on 1/26 in Law Week Colorado, Lisa Cancanon discussed how the business community and residents might be affected by bankruptcy and evictions in 2024. Cancanon predicts lower interest rates in 2024 and warns individuals to be cautious about lending. She also discusses that evictions may pose dual challenges and opportunities that could impact residential renters and commercial bankruptcies alike.
“Bankruptcies will rise in 2024. With the increase in bankruptcy filings, interest rates will start to decline, consumers will become more aware of spending beyond their means and lenders will become conscious about lending — which will negatively impact the economy,” says Cancanon.
Additionally, Cancanon highlights some ways that Colorado could be impacted this year, including debt and interest rates, stricter lending procedures, and its effect on governmental programs. She notes that the typical eviction cases involve rent non-payment, and covenant enforcement deals with homeowners not adhering to guidelines or making unapproved home improvements.
“As far as covenant enforcement, a typical situation is homeowners not following their covenant enforcement guidelines and/or policies and making improvements to their homes without the association’s approval,” says Cancanon.