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Are you feeling overwhelmed by your finances?
Do you owe so much money that repayment is unlikely or impossible during the foreseeable future?
Are creditors or collection agencies making frequent calls to collect unpaid bills?
Are your wages being garnished?
Chapter 7 Bankruptcy is a process in which the debtor gets to keep his or her property and discharge their debt. It is also commonly referred to as straight bankruptcy or liquidation bankruptcy.
Chapter 13 Bankruptcy, also known as Wage Earner Bankruptcy, is a form of bankruptcy relief allowing an individual with a regular income to develop a plan to pay off some portion of their debts over a predetermined period.
Adversary Proceeding- An adversary proceeding is a lawsuit within the bankruptcy case that is used to determine whether debts can be discharged. If a debtor feels that a creditor violated the Bankruptcy Code or an order by the court in their actions, they can file an adversary proceeding against them to collect damages. Conversely, if a creditor doesn’t think that the debt owed to them should be discharged via bankruptcy, they will also file an adversary proceeding.
Assets- An asset can be anything that holds value, owned either by a person or an entity. It can be a property you currently possess or have an interest in or something you are entitled to at a future date. All assets must be disclosed in a bankruptcy filing.
Automatic Stay- An automatic stay is a feature of bankruptcy law that goes into effect immediately upon filing a bankruptcy petition. It forces creditors to stop all collection actions against the debtor, such as foreclosures, repossessions, garnishments, and evictions and gives the debtor time to sort things out and come up with a solution to its problems.
Bankruptcy Code- In the United States, bankruptcy is largely governed on the federal level. The bankruptcy code was developed by Congress and the courts to establish a complex system of statutes and rules for who can file for bankruptcy and under what specific circumstances.
Bankruptcy Court- All bankruptcy cases are handled in federal courts under the rules outlined in the U.S. Bankruptcy Code. The United States Bankruptcy Court, District of Colorado is located in Denver.
Discharge- A bankruptcy discharge occurs when the court approves the elimination of debt.
Exemptions- Property that an individual debtor may protect from becoming part of the bankruptcy estate. Such property is defined by law. Exempt property is not available to be used to pay a dividend to creditors; a debtor may keep exempt property. Exemptions are a primary element of debtor relief in a bankruptcy proceeding. Each state has different exemptions to protect the debtor’s property from creditors.
Means Test– Anyone looking to file Chapter 7 bankruptcy in Colorado must pass the means test. This test looks at your income and expenses and compares them to the federal regulations in the bankruptcy code. It is designed to keep those with higher incomes from filing Chapter 7.
Predatory Loan/Lender– Predatory lending occurs when a lender uses unfair or deceptive tactics to lead you into taking a loan that carries terms that benefit the lender at your expense. Payday loans, some private (non-government-issued) student loans, and other short-term predatory loans can also be eliminated by filing for bankruptcy.
Schedules– Schedules is the term commonly used to refer to certain paperwork that must be submitted when filing for bankruptcy. These schedules include all of the information about your various assets and debts.
Secure Debt– Debt which is backed by reclaimable property. An example of secure debt would be a financed car or a mortgage.
Trustee– A bankruptcy trustee is a person appointed to oversee and administer a bankruptcy case. A bankruptcy trustee has a variety of roles, which change depending on whether you filed a Chapter 7 or a Chapter 13 bankruptcy. The trustee is responsible for reviewing your bankruptcy petition, looking for fraud or any red flags, and maximizing the amount of money your unsecured creditors will get through bankruptcy.
Unsecured Debt– Debt for which the creditor/lender holds no tangible collateral. An example of unsecured debt is credit cards.
The above list is only just a few of the most common terms heard during a bankruptcy filing. If you have questions about bankruptcy terms, please contact our Colorado Bankruptcy Attorneys today. We’re available to answer all of your Bankruptcy code-related questions and help you figure out a path to financial freedom.
If you’re unfamiliar with federal bankruptcy laws, it can be easy to make mistakes. These missteps may seem like possible solutions or simply errors caused by unfamiliarity with the bankruptcy process, but they can have a negative impact on your case. Being aware of common mistakes to avoid can help make the entire process go smoothly and efficiently.
1. Large amounts of credit usage before the filing of a bankruptcy: If you’ve decided to file for bankruptcy, it might seem like a good idea to go ahead and max out the limits on your credit card. It’s all going to get forgiven when you file for bankruptcy, right?
WRONG. You don’t want to go out on a spending spree and rack up a lot of new charges for significant purchases prior to filing for Bankruptcy. If you do, you may be required to pay back any purchases you made if the creditor objects to the discharge of the debt. If you are planning on filing bankruptcy soon, don’t make the mistake of going out and buying large new purchases on your credit cards before filing.
2. Repaying a family member: With regard to repaying debts, you cannot treat your family member any better than you would treat an ordinary creditor, meaning it’s a bad idea to pay off family members before you pay off your creditors. Any payments to these individuals within one year of the Bankruptcy filing could allow these monies to be considered preferential payments and can be recovered by the court.
3. Taking money out of retirement accounts to pay bills: Qualified retirement accounts are generally protected from your creditors, even if you are filing for bankruptcy. Usually, the best course of action, once you’ve decided to file for bankruptcy, is to save your retirement account for its intended purpose – retirement. Do not take money out of your retirement account to pay bills without having a lawyer help you analyze your overall financial position. If you have drawn money out of your retirement account recently, you should call for an appointment with one of our experienced Colorado Bankruptcy attorneys as soon as possible to explore your options.
4. Giving away/transferring property & other assets: If you think you’re ready to file for bankruptcy, please do not start giving away or liquidating all of your assets. It is not a viable strategy and may end up backfiring on you. Do not assume that you are going to lose everything you own by filing for bankruptcy. The good news is, the majority of people who file for personal bankruptcy protection in Colorado are eligible to retain most (or all) of their personal property through available exemptions. An experienced Colorado bankruptcy attorney can help you figure out which of your possessions are exempt from bankruptcy.
5. Not seeking a lawyer’s advice soon enough: Unfortunately, filing for Bankruptcy in Colorado is a case of what you do not know will hurt you. Options that might preserve your assets for your future use after bankruptcy might be lost if the right steps are not taken soon enough. If you are having financial problems, consult an experienced Colorado bankruptcy lawyer as early as possible. The more time that our team of legal professionals has to assess your situation, the more options you will likely have to get the best result. We are here to make sure that your bankruptcy filing is handled the right way. Contact us today to book a confidential, no-cost consultation. Protect yourself, your family, and your assets by working with an experienced Colorado bankruptcy attorney.
Colorado- Nil Sine Numine
Home to over 5 million residents, Colorado is considered one of the most educated, developed, and wealthy states in the nation. But just because the Centennial State is considered wealthy, doesn’t mean that some Coloradans don’t struggle with debt.
Home to a large stretch of the Rocky Mountains, as well as the Colorado Plateau, and the Great Plains, “Colorful Colorado” offers visitors and residents a gateway to all kinds of outdoor adventures, as well as access to several metropolitan areas that have been voted some of the best cities to live in in America. First and foremost, Denver comes to mind but Colorado Springs, Aurora, Fort Collins, and Lakewood are also known for their diversity and beauty.
If you live in Colorado and are considering filing for bankruptcy, the best thing you can do is seek the help of a qualified Colorado bankruptcy attorney. A highly experienced bankruptcy attorney can explain the bankruptcy laws to you and help you assess your situation. There may be more than one workable solution to your situation, the sooner you learn about your options the sooner you can regain control of your future finances. Don’t hesitate to contact a seasoned Colorado bankruptcy lawyer today!
There are many rules and regulations to follow when filing for bankruptcy. What you see on this website is just the tip of the iceberg when it comes to understanding bankruptcy laws. Our team of Colorado bankruptcy lawyers can help you better understand the rules, and how they apply to your specific case. With decades of experience, our team of legal professionals understands bankruptcy law and can help you understand it, too. Our attorneys, paralegals, and administrative staff can answer any questions about bankruptcy you may have.
Finding the right lawyer to walk you through the bankruptcy process can be challenging, whether you are considering Chapter 7 or Chapter 13. Our goal is to help you take the guesswork out of the process. We can also help protect you against creditor harassment and ensure that you’re not being abused. We can give you guidance and helpful tips on staying ahead financially after you are discharged from bankruptcy.
Let our experienced Colorado bankruptcy attorneys guide you through the entire bankruptcy process. If you’re seeking answers to questions about bankruptcy in Colorado, but are unsure if you need the services of an attorney, we offer a no-cost initial consultation for every prospective client. Contact our firm today and we’ll get to work for you.
We’ve helped countless people in Colorado relieve themselves from unbridled debt and the anxiety it causes, including residents of Denver County, El Paso County, Arapahoe County, and Larimer County.
We can assist you by helping eliminate the debts that currently overwhelm your daily life. You may face foreclosure, vehicle repossession, wage garnishment, litigation, or you might simply need a way out of your unmanageable debt. Our bankruptcy attorneys can offer the solutions and assistance you need to reclaim your financial freedom.