Highlands Ranch

Bankruptcy is a legal proceeding in which a person who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. The United States Bankruptcy Court-District of Colorado is located in Denver, roughly 25 miles from Highlands Ranch.

Chapter 7 of the U.S. Bankruptcy Code is a form of bankruptcy for people with very limited income. To qualify for Chapter 7 bankruptcy, you have to pass a means test that shows your income falls below the median Colorado income level.

Once you file for Chapter 7 bankruptcy, the court selects a trustee for your case. Part of the trustee’s responsibilities includes selling off or liquidating certain types of your assets. That money will be used to pay your creditors. This is why Chapter 7 bankruptcy is also known as liquidation bankruptcy.

Chapter 13 of the U.S. Bankruptcy Code, also known as a wage-earners bankruptcy, restructures your debt so you can make more manageable payments. With Chapter 13 bankruptcy, you don’t liquidate or lose any of your assets because you will be making regular payments to keep them.

The best way to determine which bankruptcy filing is right for you can be done during a consultation with an experienced Colorado bankruptcy attorney. 

The means test is a formula used by the U.S. Bankruptcy Courts to determine if a petitioner is eligible to file for Chapter 7 bankruptcy.

The means test has two steps-

1. Is your current monthly income less than the median income in Colorado?

If your current monthly income is less than the median for a household of your size in your state, you pass. You’re done and don’t need to complete the rest of the means test. You can file for Chapter 7. If your income is more than the median income in Colorado, you then proceed to step 2 to see if you qualify for Chapter 7 bankruptcy.

2. Do you have enough income remaining after paying your allowed monthly expenses or “disposable income” to pay off at least a portion of your unsecured debts?

For this step, you’ll have to gather documentation about your expenses. Things such as rent, groceries, clothing, and medical costs make up what is called “allowable expenses.” What’s left after allowable expenses are deemed disposable income that could be put toward paying off debt. This step is a little more complicated, requiring lots of paperwork and budgeting knowledge. Having an experienced Highlands Ranch Chapter 7 bankruptcy attorney can help you immensely, so you don’t have to go through this process alone.

The short answer is, no, you don’t need a lawyer to file bankruptcy in Colorado. Filing for bankruptcy without legal advice is called filing pro se.  You can find and fill out all necessary forms through the United States Bankruptcy Court-District of Colorado’s website.  However, you should know that filing bankruptcy is a legal and financial decision that can have long-term effects on the rest of your life.  It is important for you to have a full understanding of all the rights and consequences involved with filing for bankruptcy, especially if you decide to file pro se. Additionally, all documents need to be submitted properly and necessary steps need to be taken. Failing to do the proper tasks can result in a case being dismissed without a discharge. That’s why we encourage you to contact our Highlands Ranch bankruptcy attorneys for a free case consultation. Our team of legal professionals has the experience and knowledge to help you navigate the bankruptcy process.

Usually. If the bankruptcy case is filed before the foreclosure officially happens, the automatic stay will usually apply. However, this protection may be limited in time, or not available at all if you have filed a previous bankruptcy. If you filed bankruptcy that was dismissed and then file another bankruptcy within one year of the dismissal of the first case, there is a presumption that you filed the second case in bad faith, and the automatic stay will expire after only 30 days.

Once you file your bankruptcy petition under Chapter 7 or Chapter 13, a federal bankruptcy rule called the automatic stay goes into effect. The automatic stay prohibits creditors from taking any action to collect on a debt. This means creditors and debt collectors are required to stop all phone calls, letters, garnishments, and lawsuits. Basically, all actions related to your debts are put on hold until the United States Bankruptcy Court-District of Colorado grants or denies the forgiveness of your debts.

It’s important to note that there are a few exceptions that are not covered by the automatic stay:

• Criminal proceedings
• Child support collections
• Landlord eviction actions
• Loans against retirement accounts

For more information on automatic stays, visit Nolo.com’s website- How Bankruptcy Stops Your Creditors: The Automatic Stay, or contact our Highlands Ranch bankruptcy attorneys today.

99% of the time, no. While it’s not impossible to get student loan debt canceled through bankruptcy under current law, it’s definitely not as easy as getting other unsecured debt discharged. The test that most courts apply requires a showing that you have no options to deal with the debt and cannot make even minimal payment, also known as “undue hardship.” A student loan borrower seeking to discharge their loans in bankruptcy court must initiate an “adversary proceeding” — essentially, they must sue their student loan lenders in bankruptcy court to prove that they meet the standard. In most cases, student loan lenders, both federal and private, will oppose the borrower’s claim.

Many people who file for bankruptcy in Colorado are victims of predatory lending practices. 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. One of the biggest perpetrators of predatory lending is the payday loan business. Operating under many different names including cash advance loans, payday advance loans, salary loans, payroll loans, small-dollar loans, short-term loans, or cash advance loans, the payday lenders’ business model relies on making loans borrowers cannot pay back without reborrowing – and paying even more fees and interest.

There is good news if you’ve fallen prey to a predatory payday lender in Colorado. Most payday loans are unsecured. That is, you don’t have to put up collateral as a guarantee that you’ll pay back the loan. As far as bankruptcy is concerned, they’re a lot like credit cards. You get the funds on the promise that you’ll pay, but you don’t have to guarantee it with assets.

Continuing the comparison, since payday advances are treated a lot like credit cards in bankruptcy, they are a dischargeable debt if you file Chapter 7 or Chapter 13 bankruptcy in Highlands Ranch. For more information on payday loans and predatory lending businesses, visit the Center For Responsible Lending’s website- Fact vs. Fiction: The Truth About Payday Lending Industry Claims or contact our CO bankruptcy attorneys today.

Yes. Although this rarely happens, creditors may object to your bankruptcy for specific reasons; they cannot object to a bankruptcy filing just because they don’t want to lose money. The most common objections to a bankruptcy filing include recent credit card charges, recent cash advances, fraud, or lying on your bankruptcy petition.

Yes, you will be swearing to this under oath, in a court of law, when you sign the bankruptcy forms and at the meeting of creditors.  If you failed to list all of your assets/debts then your bankruptcy case can be dismissed and you could face possible criminal charges if you intentionally did not list them.

No, upon filing bankruptcy an Order is entered by the Court called an automatic stay.  This Order forbids all attempts by creditors to collect any debt from you once they become aware that you have filed a bankruptcy case.  If they do attempt to collect the debt or harass you further during the automatic stay, they can be held in contempt of court and fined.

Remember, this is just a short list of questions our CO bankruptcy attorneys get asked during case consultations. For more detailed information, we recommend the following websites.

United States Bankruptcy Court-District of Colorado FAQs

United States Courts- Bankruptcy Basics

Department of Justice-Bankruptcy Information Sheet

Debt.org- What is Bankruptcy and How Does it Work?

Or you can contact our Highlands Ranch bankruptcy law firm today. We are standing by to answer any bankruptcy questions you may have, and help get you started on the path to financial freedom.

Chances are, if you’re reading this website, you’ve probably already decided you need help with your debt. If you’re still unsure whether you need help with debt relief, peruse the following list of common signs of financial instability and see if they relate to your circumstances.

• Using one credit card or credit line to pay off another
• Turning to payday loans
• Borrowing from 401k or retirement
• Constantly fighting with your spouse or partner about money
• Skipping payments on some bills to pay others
• The minimum credit card payment is too high
• Asking your friends or family for loans
• Debt collectors calling at home or work
• Having your telephone, electricity, or other utilities cut off
• Fallen behind on home, car, or credit card payments
• No money left by payday
• You don’t know how much debt you have

If you answered yes to one or more of the above signs of financial instability, we urge you to contact our experienced Highlands Ranch bankruptcy attorneys. The sooner you recognize the warning signs, the quicker you can get the help you need.

Originally a private, 10,000-acre working ranch and farm, this suburb of Denver is now home to more than 95,000 residents, making Highlands Ranch the most populous unincorporated community in Colorado.

For an in-depth dive into the rich history of Highland Ranch, residents and visitors are encouraged to visit The Highlands Ranch Mansion. Situated in a 250-acre park, the mansion comprises 22,000 square feet and features 14 bedrooms and 11 bathrooms, a dining room, a billiard room, a library, a butler’s pantry and kitchen, and a private courtyard. While it still operates as a working ranch, visitors may also rent the mansion for private events like weddings, or take a guided public tour.

Throughout the year, the Highlands Ranch Community Association puts on several events that attract residents and visitors to the city center. In July, the Oaked & Smoked Whiskey and BBQ Festival invites attendees to an afternoon outside sampling American whiskeys from all over the United States paired with samples of local barbeque delights. In October, the Highlands Ranch Oktoberfest Celebration is a big hit for the town. Featuring German food, music, and, of course, beers, the Highlands Ranch Oktoberfest also hosts an annual Dachshund race.

If your debt is stopping you from chasing your dreams, don’t walk, run! to an experienced Highlands Ranch bankruptcy attorney.

Many people are unfamiliar with the bankruptcy, debt relief, or foreclosure and eviction processes. Do not let this stop you from seeking more information. Contact a knowledgeable Highlands Ranch bankruptcy attorney, one who can help guide you through the bankruptcy process and make sure you understand what is happening every step of the way.  Our goal is to make sure you are fully informed of the important options available to you.

Whether you choose to file for bankruptcy or pursue an alternate course of action, your decision will have significant financial repercussions that can continue to shape your future for many years to come.  Before you make any major legal decision, you should consult with an experienced Colorado bankruptcy attorney for personalized guidance that is specific to your circumstances.