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Countless Americans fall behind on bills every day. The vast majority of people who file for bankruptcy are hard-working people who fell behind on bills through no fault of their own. In fact, statistics prove that most bankruptcy cases are the result of overwhelming medical bills. For others, losing a job, going through a divorce, or even an increase in the cost of rent can lead to swift financial ruin.
Consider the following questions:
If your answer to any of these questions is yes, that may be time to reach out to a qualified Denver bankruptcy lawyer who can help you determine whether bankruptcy is right for you.
It’s important to recognize that filing for bankruptcy is nothing to be embarrassed about. Nor is it an admission of being irresponsible with your finances. The United States government offers bankruptcy options to its citizens because it recognizes that families facing overwhelming debt can no longer participate in the economy. The goal of bankruptcy is to provide consumers with a clean slate so that they can take control of their financial future.
Denver residents are no exception. If you’re facing overwhelming debt and feel like you’re at your wit’s end, bankruptcy might be a sound financial solution to your problems.
Some people believe that bankruptcy is only for the wealthy and elite but nothing could be further from the truth.
Even if the amount of debt you are in is relatively small when compared to that of a millionaire, bankruptcy law still applies to you. This means that there is no minimum amount of debt that you are required to have before you become eligible to file for bankruptcy.
The bottom line in this scenario is truly the bottom line. If you fall behind on bills and you’re at risk of losing your home or your automobile, or just simply can’t pay bills, it’s time to talk to an experienced Denver bankruptcy attorney who can help you ascertain whether bankruptcy is possible.
One of the most difficult aspects of falling behind on bills is dealing with unscrupulous collection agencies and bill collectors who choose to harass you for payment. They have no problem calling you in the middle of the night or even reaching out to family members or your employer in an attempt to embarrass you into paying them money that you do not have.
When you file for bankruptcy, harassing emails, telephone calls, and all mail correspondence must stop immediately. The law incurs penalties for creditors who violate these laws.
The attorneys at our Denver bankruptcy law firm offer a free consultation, which means that you can start getting answers today about your situation and whether you qualify for bankruptcy. With more than 50 years of combined experience handling bankruptcy law, we have the tools and qualifications required to ensure you receive sound legal counsel every step of the way.
This is especially important if you are attempting to prevent the bank from foreclosing on your home or repossessing your car. Contact us today for your free consultation and give yourself the peace of mind that comes from climbing out of the bottomless pit of debt.
If you are considering filing for bankruptcy, then it’s important to understand whether Chapter 7 or Chapter 13 bankruptcy is right for you. While there are certainly exceptions, the vast majority of Denver residents file bankruptcy under either Chapter 7 or Chapter 13. The following information will provide a brief overview of each option.
Chapter 7 Bankruptcy often allows a debtor to keep their property while discharging unwanted debt and is often referred to as a liquidation bankruptcy or a straight bankruptcy. Filing for bankruptcy under Chapter 7 allows you to wipe out (discharge) debt and start over again financially. In fact, Chapter 7 bankruptcy allows you to get rid of all or most of your unsecured debt, which may include:
Unsecured debt is debt without collateral, which means that the debt can often be fully discharged. Another benefit of filing for Chapter 7 bankruptcy is the speed at which these cases are typically handled. Most Colorado residents filing for Chapter 7 bankruptcy can complete the process in only 3 to 5 months.
Chapter 13 Bankruptcy allows persons with regular income to develop a plan to pay off a portion of their debt over a predetermined period of time, typically 3 to 5 years. This type of bankruptcy is also known as wage earner bankruptcy.
Chapter 13 bankruptcy is a bit more complex but the goal is to get your debt under control by providing you with a manageable monthly payment plan based on your income and the debt you currently have. If you’re hoping to save your home from foreclosure, Chapter 13 is likely the solution you’re looking for. It may also be an effective way to prevent your vehicle from being repossessed. The same can be said for any other property you may wish to keep, including furniture and jewelry.
Because Chapter 13 bankruptcy is a long-term plan that takes 3 to 5 years, it’s not as quick as a Chapter 7 bankruptcy. However, it’s important to note that each has its advantages and disadvantages. Your financial situation and goals will help your Colorado bankruptcy lawyer help you ascertain which option is best for you.
We offer a free consultation to everyone because we recognize that every situation is entirely unique. Once you’ve provided specific details to one of our Denver bankruptcy attorneys, they can help you take the next step.
Like many other facets of the United States justice system, bankruptcy law has its own unique language. If you had a casual conversation with another person about bankruptcy, many of the words and phrases may be entirely foreign to you. In fact, it may feel like they’re speaking an entirely different language.
Whether you live in Denver County or the city of Denver, you probably have a list of questions related to bankruptcy. The following glossary should help you get started with learning the language of the law.
Adversary Proceeding – when the court is determining whether debts will be discharged, there is a process they are required to follow. An adversary proceeding allows debtors to have their voices heard in court. If a debtor feels as though the creditor violated the bankruptcy code, this is their opportunity to petition the court to require the person filing for bankruptcy to pay what is owed. Additionally, if the creditor doesn’t believe that debt should be discharged by filing for bankruptcy, they may decide to file an adversary proceeding.
This is why persons considering bankruptcy should never use their credit cards for spending sprees before filing. Not only is this behavior fraudulent and morally reprehensible, but it is also against the law and could lead to serious repercussions if the creditor files for an adversary proceeding.
Assets – anything you own that has inherent value is considered an asset. It may be a property you own in full or even partially own. Your bankruptcy lawyer in Denver will remind you that you are required to disclose all assets when you file for bankruptcy.
Automatic Stay – when you file for bankruptcy in the state of Colorado, the automatic stay immediately goes into effect. When this action is taken, creditors and collection agencies must stop all collection actions against the debtor. This includes repossessions of vehicles, foreclosures on homes, wage garnishments, and even evictions. The goal of the automatic stay is to give the debtor time to get their financial affairs in order and come up with a long-term solution.
Bankruptcy Code – in the United States of America, bankruptcy is governed by Federal law. The bankruptcy code is managed by the United States Congress and the court system and consists of a complex system of rules of statutes that apply to those who choose to file for bankruptcy.
Bankruptcy Court – if you file for bankruptcy, the United States bankruptcy court will handle your case as outlined in the United States bankruptcy code. For residents of Colorado, these proceedings are handled in the United States Bankruptcy Court, District of Colorado.
Discharge – When the bankruptcy court approves the elimination of debt, it is referred to as a discharge.
Exemptions – an individual debtor may seek to protect certain assets from becoming part of the bankruptcy estate. If the property is truly exempt, it cannot be used to pay a dividend to creditors and the debtor will be allowed to keep the property. These assets are referred to as exemptions. Exemptions are a common element of bankruptcy proceedings and are necessary to provide debtors with relief. While bankruptcy law is mandated federally, each state has its own exceptions which is why it’s so important to work with a bankruptcy lawyer familiar with Colorado law.
Colorado’s list of exemptions includes
Means Test – a means test as a formula that compares your income and expense service to the Federal regulations outlined in the bankruptcy code. If you’re hoping to file Chapter 7 bankruptcy, you will be required to pass a means test. If your income is too high, you may want to consider filing Chapter 13.
Predatory Loans and Lenders – when lenders use deceptive or unfair tactics to coerce you into signing a loan agreement with ridiculously high interest rates or unreasonable terms, it is referred to as a predatory loan, and the outfit issuing the loan is called a predatory lender.
There are a number of entities that may qualify as predatory, including payday loan businesses, some private student loan companies, and other businesses that offer short-term loans that appear too good to be true.
Schedules – when you file for bankruptcy, you are required to fill out paperwork which is then submitted to the court. Information about your debts and assets are filled out on forms commonly referred to as schedules.
Secure Debt – when you use collateral to obtain a loan, it is referred to as secured debt. Security is whatever you use for collateral. If you finance an automobile or mortgage a home, it is likely secured debt.
Trustee – in regard to bankruptcy, a trustee is somewhat appointed to oversee and administer the case. Your bankruptcy trustee may wear multiple hats, and their role will often be defined by whether you file Chapter 7 or Chapter 13. The bankruptcy trustee will review your petition for bankruptcy and determine whether there are any red flags. They will also ascertain whether any fraud was committed and maximize the amount of money your unsecured creditors ultimately receive.
Unsecured Debt – debt without tangible collateral is considered unsecured debt. Credit cards are the primary example of unsecured debt but other forms of debt may also apply, including medical bills. Student loans are not considered unsecured debt.
Obviously, the above glossary of terms is merely a basic overview. Only a qualified Denver bankruptcy attorney can help you understand how these words and phrases apply to you. You can contact us immediately for a cost-free case evaluation and quickly forge a path toward financial freedom.
Most people have little knowledge and understanding of Federal bankruptcy law, which makes it very easy to make mistakes. It’s important to understand not only the law, but also the process involved when filing for bankruptcy. Failure to do so could cause you to make a mistake which would have a negative impact on the final results. The goal of the following information is to ensure you avoid common pitfalls related to the bankruptcy process.
1. Using up your credit limit before filing for bankruptcy.
While this is mentioned in the content above, it is important enough to bear repeating. Many people think it’s a good idea to max out their credit cards in the days and weeks leading up to filing for bankruptcy. After all, won’t the unsecured debt ultimately be forgiven?
The answer is an unequivocal no. Going on a spending spree just before filing for bankruptcy is fraud. It’s far more likely that you will be required to pay a creditor back in full, and it’s even possible that further punitive measures will be applied to your case.
2. Repaying a family member.
While it is honorable to pay back a family member who gives you a loan, it is not something you should do before filing for bankruptcy. In fact, you should not treat any family member better than you would any other creditor. If you make payments to a family member within one year of filing for bankruptcy, the court may consider them preferential payments and seek to recover the money.
3. Taking money out of a retirement account to pay past-due bills.
It’s important to remember that many retirement accounts are protected from creditors, even when filing for bankruptcy. Your retirement account is intended for your retirement, so monies invested into a retirement account should be left in place. Before removing money from any retirement account, you should have an in-depth conversation with your Denver bankruptcy lawyer. If you’ve already withdrawn money from your retirement account, contact our law firm immediately.
4. Transferring or giving away assets and property.
If you are considering bankruptcy, do not liquidate or give away your assets. Not only is it a poor strategy, but it may also very well backfire on you. Many people who file for bankruptcy make the mistake of assuming they will lose everything, but the majority of people who file for bankruptcy protection in the state of Colorado make use of exemptions to protect all or most of their personal property.
5. Waiting to seek reliable advice from a qualified Denver bankruptcy attorney.
Unfortunately, there is a great deal of misinformation in regard to filing for bankruptcy. Much of this misinformation revolves around the notion that filing for bankruptcy is something to be embarrassed about or an admission of failure. Nothing could be further from the truth. In fact, when it comes to bankruptcy, what you don’t know could prevent you from making one of the best financial decisions you can possibly make.
Right now, at this very moment, you can pick up the call and talk to one of our qualified Denver bankruptcy lawyers without any cost or obligation. If you are being harassed by creditors and feel as though there is no way out of your current situation, we can likely help you. The more time that you give us to help, the better your solution will likely be.
Remember, bankruptcy law was written to help hardworking individuals and families once again become participants in our national economy. We are here to help you get the most from these laws.
Denver is the most populous city in the state of Colorado and undeniably one of the most beautiful cities in the entire country. Located in the South Platte River Valley, Denver is known for everything from the arts to hosting one of the most beloved football teams in the nation, the Denver Broncos.
The city of Denver was founded in the mid-1800s. Like so many other cities in the region, Denver was originally founded as a mining town. Historically, Denver has been called the Queen City of the Plains and the Queen City of the West because of its role in the agricultural industry.
If you’re visiting Denver, you can catch an NFL football game at Empower Field at Mile High or a Basketball Game at Ball Arena. If professional sports aren’t your thing, there are numerous parks and museums that would take a lifetime to explore. Red Rocks Park is not only beautiful, but it’s also a testament to the city’s unique musical history.
While Denver is the 22nd largest city in the United States by population, it boasts the 18th largest metro economy in the United States. Much of its economic success is due to its location and isolation from other large metropolitan areas, making it a hub for transportation and a natural location for storing goods en route to other destinations.
But just because the economy is growing doesn’t mean people don’t fall on hard times financially every day. If you’re struggling to pay the bills, now is the time to take action.
Are you tired of being harassed by creditors? Are you ready for a fresh financial start? If so, contact one of our Colorado bankruptcy lawyers today and find out whether you qualify for bankruptcy.