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One unforeseen event can cause your debt to spiral out of control. It could be sickness, losing a job, or may have even been caused by the pandemic. Whatever your personal situation, if you’re facing uncontrollable debt you’re likely desperate to find a solution. Have you been asking yourself any of these questions?
If you’re scared of answering the phone because you’re worried that it may be a collection agency. If you’re unable to get caught up with your mortgage and scared that you could lose your home to foreclosure. If credit card or medical bills are so high that you have little hope of ever getting caught up….
There is a solution.
That solution is filing for bankruptcy. You may think that filing for bankruptcy is an admission of failure but actually, the opposite is true. Filing for bankruptcy is often the most responsible way to deal with out-of-control debt because it really is like hitting a financial reset button – allowing you and your family to get a fresh start.
Our Colorado bankruptcy lawyers are ready to help you determine whether filing for bankruptcy is possible. If so, our legal team will guide you through the process focused on the goals that are most important for you.
Do you want to prevent foreclosure on your house? Do you want to wipe out medical bills or credit card debt? Do you want to escape from a payday loan predator? Do you simply want the phone calls and harassment to stop?
If so, contact one of our Colorado bankruptcy attorneys today and get the help you need to take control of your finances once and for all. Would you like to learn more about bankruptcy? Follow the link. While bankruptcy laws are governed federally, there are still plenty of bankruptcy resources in Colorado that can help you make an informed decision.
Millions of Americans exactly like you are struggling with debt and it almost always is no fault of their own. Every day, hard working people get laid off from work, get sick or injured, or fall victim to a predatory lender. Sometimes it’s true that people make financial mistakes, but our Colorado bankruptcy lawyers don’t believe that one mistake should lead to a lifetime of harassment.
If you’re ready to eliminate the burden of debt once and for all, contact our Colorado law office today for a free consultation.
Simply stated, bankruptcy is a word for a federal law that allows hard-working people to hit the financial reset button by restructuring debt or eliminating it entirely. Our entire economy is driven by consumers. If you are no longer participating in the United States economy as a consumer, it creates a drain on the entire engine that powers our collective economy. To prevent this scenario, the federal government recognizes that sometimes people need financial help to once again become a consumer capable of contributing to the economy.
If you owe money to credit card companies or have acquired debt related to medical expenses, it may be possible to “discharge” your debt, which means to eliminate it. Depending on various factors, like income for example, you may not be able to entirely eliminate debt but you may still be able to restructure it into a manageable monthly payment plan. This could be a great way to save your home, car, or some other personal possession. In many cases, when your payment plan is fulfilled, any remaining unsecured debt is eliminated.
What is the legal definition of bankruptcy? Follow the link to learn more then read through the following brief descriptions.
Chapter 7 bankruptcy is also known as a liquidation bankruptcy because it allows you to entirely eliminate most if not all unsecured debt. One of the most appealing aspects of a Chapter 7 bankruptcy is what’s called the “temporary stay.” What this means is that creditors have to stop contacting you. They can’t call you, email you, or write you a letter. They are also unable to garnish your wages, collect payments, repossess your property, foreclose on your home, evict you, or even turn off your power and water. In other words, you regain control over your life.
When you file for Chapter 7 bankruptcy, the court assigns a trustee to your case. The role of a trustee is to sell off assets that are not exempt and then distribute the proceeds to your creditors.
Most people are surprised to learn that this process is very quick. In fact, the average Chapter 7 bankruptcy takes between 4 to 6 months on average, once the case is filed. If you need help with the filing process, talk to one of our Colorado Chapter 7 lawyers for guidance.
Chapter 13 bankruptcy may be more suited to individuals with a reliable source of income because they can use that money to pay down their debt. A payment plan is established for three to five years. All of part of the debt is repaid during this time. If you follow the payment plan, all remaining dischargeable debt is then released. So, while Chapter 7 bankruptcy is considered a liquidation of debt, Chapter 13 bankruptcy is more like debt reorganization. This is often the best option for someone trying to save their home from foreclosure.
If you’re wondering who files for bankruptcy in the state of Colorado, look no further than the mirror. Hard working people from all walks of life take advantage of bankruptcy law because it truly is like hitting a reset button on your finances. If you have questions, contact one of our Colorado Chapter 13 bankruptcy attorneys and learn about your options.
If you have questions about bankruptcy, you can always have a look at the Colorado bankruptcy FAQ page. However, most people wondering whether bankruptcy is right for them have a few very straightforward questions they routinely ask our team of bankruptcy lawyers. They are as follows.
Does filing for bankruptcy allow me to stop home foreclosure?
The short answer is yes, but certain considerations must be made. Bankruptcy is managed by the federal government but each state is allowed to develop its own list of bankruptcy exemptions. Colorado has something called a Homestead Exemption that allows homeowners to protect up to $75,000 of home equity (or mobile home equity). If you’re over 60 years of age, have a disability or a spouse or dependent with a disability, this amount is increased to $105,000.
If you have questions about how the Homestead Exemption applies to you, contact one of our experienced Colorado foreclosure lawyers without delay.
Can I keep my car or some other piece of property if I file for bankruptcy?
Again, the answer is yes but it’s a good idea to determine your best course of action. When you file for bankruptcy, the law protects your property with something called a bankruptcy exemption. Exempt property cannot be sold for the benefit of your creditors, up to a certain dollar amount. Remember, the government wants you to get a fresh start financially, which means you need every advantage you can get. These are just some of the Colorado bankruptcy exemptions available to you if you file:
What is secured debt and unsecured debt? How are they different?
Dept is only considered “secured” when collateral is involved. When there is no collateral, the debt is considered unsecured.
Unsecured debt includes medical bills, credit card debt, and utility bills. Secured debt includes home mortgages and automobile loans. It should be noted that filing for bankruptcy does not eliminate student loan debt.
In Colorado, what types of debt can be wiped out by filing for bankruptcy?
In short, all unsecured debt can be entirely wiped out when you file for bankruptcy. This includes medical bills and credit card debt. When you file for Chapter 7 bankruptcy, this kind of debt is almost always entirely eliminated.
With Chapter 13 bankruptcy, all collection is immediately stopped dead in its tracks. Once your payment plan (usually 3 to 5 years) is completed, all remaining unsecured debt is released.
How can I stop all wage garnishments?
When you’re already behind on bills, wage garnishment can be devastating. It may be possible to stop wage garnishments by filing for bankruptcy but the sooner you contact a qualified Colorado bankruptcy lawyer, the more likely it is they can help.
Debt collection agencies and credit card companies can garnish your wages if they acquire a court judgment. Other types of creditors don’t require a court judgment for garnishing. However, once you file for bankruptcy, some forms of wage garnishment immediately stops. This is made possible by the automatic stay.
What is the automatic stay?
When you file for bankruptcy, the automatic stay is immediately triggered. It prevents creditors from contacting you and halts many debt collection processes. You will be shocked at how the automatic stay can change your life for the better by entirely eliminating harassment from creditors.
These are some other benefits of the automatic stay.
Can I Wipe Out All Payday Loans?
Payday loans, Moneytree loans, and other short-term predatory loans can also be eliminated by filing for bankruptcy, and the automatic stay prevents them from contacting you immediately after you file. The predatory nature of payday loans makes them especially malicious. Most people obtain a payday loan because they’re trying to pay an overdue bill but when they can’t pay back the payday loan, they are immediately burdened by unreasonable interest.
It’s not a stretch to equate these companies with loan sharks because when they smell the scene of blood, you’re in serious trouble. They will harass you, threaten you, and even contact family members and your employer in an attempt to crush your spirit. Many states wisely enacted laws that make payday loans illegal but unfortunately, Colorado is not one of them.
Don’t let a payday lender manipulate you. Contact one of our Colorado bankruptcy lawyers and get help.
If I’m going to declare bankruptcy, should I max out my credit cards?
Absolutely not. This is the kind of bad advice you could get from a friend or on the internet but you should ignore it entirely. The thinking is that since your debt is going to be discharged, why not go hog wild?
If a credit card company can prove that you used your line of credit fraudulently, the court can refuse to discharge the debt. This means you will be forced to pay back every penny. Running up your credit card debt just before filing for bankruptcy would also indicate that you had no intention of paying it back. This is fraud and it could lead to criminal charges.
Does the State of Colorado have requirements for filing for bankruptcy?
Yes. The Bankruptcy Act states that anyone filing for bankruptcy in the State of Colorado must undergo credit counseling within six months before filing for bankruptcy. Once you file, the law requires that you complete a financial instructional course.
Will filing for bankruptcy ruin my credit forever?
One of the main reasons people are afraid to file for bankruptcy is because they believe it will forever ruin their credit. In fact, the opposite is true. After filing for bankruptcy, your credit will actually start to improve. Not paying your monthly bills is actually far worse than filing for bankruptcy and after 10 years, your credit report won’t even show you ever filed for bankruptcy.
Many lenders and creditors will try to tell you that filing for bankruptcy will ruin your credit, but they are lying to you because they want to squeeze you for every penny they can. Never listen to financial advice from a creditor. If you have questions about the effects of bankruptcy, talk to a qualified Colorado bankruptcy attorney from our office.
Some people who file for bankruptcy immediately see a rise in their credit score when they file. This is because a large part of their debt is suddenly discharged. If you filed for bankruptcy today, your credit score will usually take no more than 1.5 to 3 years to reach solid ground.
Again, bankruptcy laws were written to help people like you become reliable consumers yet again. Bankruptcy offers a dignified way to make debt a thing of the past and get a fresh financial start. Take control of your life today with help from one of our qualified bankruptcy lawyers.
After getting guidance from an experienced Colorado bankruptcy attorney, they will then file your case with the Colorado District Bankruptcy Court. This court is located in Downtown Denver and serves the entire state. If you’re familiar with the area, the court is located between Five Points and North Capitol Hill.
Colorado is well known for its incredible mountain ranges, fabulous winter sports, and rich history. Colorado also boasts a rapidly increasing population and is currently the 21st most populous state in the Union. It is also rated very high in the standard of living index, which is a good thing for everyone that lives in Colorado.
There is a lot to love about Colorado. This is true whether you’re a fan of the Denver Broncos, someone who loves the outdoors, or eager to visit every one of its four national parks. There is also a lot of culture in Colorado, whether dining at a ski resort or soaking in the sights at one of its many amazing museums.
Famous ski resorts like Brekenridge continue to draw tourists from all over the world and all over the state of Colorado. However, one ski accident can lead to a pile of medical bills, weeks of lost wages. And it’s a whole lot easier to ski downhill than it is to face an insurmountable mountain of bills.
Our team of Colorado bankruptcy lawyers don’t believe an accident should derail your future. If creditors are keeping you up at night and you’re ready to take control of your finances, contact our law office today and get the help you need to make an informed choice regarding bankruptcy.
While it’s possible to file on your own, it makes sense to gather every advantage you can when taking this crucial step toward financial freedom. Contact us today and remember, your consultation is free.