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The nation’s economy is in shambles. Hard working people find themselves facing insurmountable financial challenges every day. Has the economic downturn affected you and your family?
Are you…
Let’s face it, today’s world abounds with financial challenges, and no one is immune from the pressure of creditors. In these trying times, it’s important to remember that you are not alone in your financial troubles. According to the website Debt.org, the average American has over $90,000 in debt.
If you are struggling with wage garnishment, medical debt, creditor harassment, credit card debts, or even just making your mortgage payments, having the assistance of an experienced Westminster bankruptcy attorney can make all the difference. If you have bankruptcy questions like
Our firm of experienced Colorado bankruptcy lawyers will answer any questions you may have, and work with you to formulate and execute a plan to get your financial situation back on track. With help from our team, your financial future can be bright and full of promise. It is very important that a bankruptcy case be filed and handled correctly. The rules are very technical, and a misstep may affect your financial future for years to come. Bankruptcy has long-term financial and legal consequences – hiring a competent attorney is strongly recommended.
Understanding your rights and getting helpful advice and counseling is where you should start. Bankruptcy isn’t for everyone, but it’s a powerful remedy that will give you a fresh financial start and set you on your way to recover from the stress and problems that occur when you have debts that you just can’t pay.
Getting free advice about your financial situation and your debt-relief options is possible. Our team of Westminster bankruptcy attorneys has designed this website to outline the basics of filing for bankruptcy in Colorado. We also offer a free case consultation for each prospective client.
Filing bankruptcy in Colorado is available to you under the U.S. Bankruptcy Code, as a United States citizen. Despite what rumors you may have heard, bankruptcy isn’t shameful. It doesn’t mean you’re lazy or irresponsible. The Bankruptcy Code was established to give citizens a second chance.
Most personal filings are made under provisions known as Chapter 7 or Chapter 13. Keep reading to find out which option might fit your situation.
Chapter 7 Bankruptcy, also commonly known as “liquidation bankruptcy,” is the most common type of bankruptcy for those who have a large amount of debt and few assets.
A Chapter 7 bankruptcy is designed to give you a fresh financial start by wiping out all of your unsecured debts such as medical bills, credit cards, payday loans, personal loans, and lawsuit judgments.
Once you file for Chapter 7 bankruptcy, you will be assigned a court-appointed trustee. In exchange for relieving you of all personal liability, you will need to turn over non-exempt property to the trustee. The trustee will then sell or liquidate these assets and distribute the proceeds among your creditors.
You are allowed to keep your secured debt including your home and car as long as you reaffirm the debt and agree to continue making the payments. In many situations, you will be able to retain ownership of a majority of your assets due to Colorado’s generous exemption laws. Some examples of Colorado state bankruptcy exemptions include:
An experienced Westminster Chapter 7 bankruptcy attorney can help you figure out which of your possessions qualify for an exemption.
Chapter 13 Bankruptcy, also commonly referred to as a “wage-earners plan,” or “reorganization bankruptcy,” was designed for individuals who can afford to repay some of their debts, but need help restructuring their debts into an affordable plan. Under this chapter, you will make a single monthly payment to the Chapter 13 court-appointed trustee for three to five years. The repayment plan usually includes missed mortgage payments or car payments, as well as outstanding tax debt. During the repayment period, creditors are not allowed to start or continue collection efforts, without permission from the bankruptcy court.
Chapter 13 can be a good option for people who are trying to save their homes from foreclosure by allowing them to pay delinquent mortgage payments over time. Chapter 13 can also help individuals who are upside-down on vehicle loans.
As you can see, Chapter 13 cases can be complicated. If you’re planning on filing Chapter 13 bankruptcy in Westminster, make your life easier by hiring an experienced Colorado bankruptcy attorney to review your case before filing.
The United States Bankruptcy Court, District of Colorado website provides more in-depth, valuable information on bankruptcy, including links to their Credit Abuse Resistance Education or C.A.R.E program. Please see the following links for more bankruptcy information:
If you’re looking for specific information regarding your unique circumstances, contact one of our qualified Westminster bankruptcy attorneys. Our team of experienced legal professionals is available to help you get a fresh start in life during these difficult financial times.
The bottom line for filing bankruptcy in Colorado is that it will likely give you a fresh start through debt relief over the course of a few years. It’s a powerful remedy that gives financial solutions to the average person.
But before you file bankruptcy in Westminster, it’s important to keep in mind what bankruptcy can and can’t do.
Once a bankruptcy filing is in the works, you can expect most harassing phone calls, emails, wage garnishments, and lawsuits from your creditors to stop. This is because a court will issue an automatic stay, which will prevent creditors from pursuing collection activities. In general, the automatic stay will remain in place until the bankruptcy proceeding is finalized and the bankruptcy judge discharges your debt. If any creditor violates the automatic stay by continuing to contact you via phone or email during the bankruptcy process, you have the option of filing a lawsuit against them. Violators of the automatic stay during bankruptcy can face severe penalties. An experienced Colorado bankruptcy attorney can help you go over your options if you’re being harassed by creditors after you’ve already filed for bankruptcy.
An automatic stay will also temporarily stop foreclosures, repossessions, and evictions.
The best part of a bankruptcy filing is that it will eventually get rid of most of your unsecured debts. This includes credit card debt, medical debt, overdue utility payments, personal loans, and more. It’s even possible to get rid of some private student loans, although this process is often extremely complicated and can often be unsuccessful.
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, cash advance loans, deferred deposit loans, some private (non-government-issued) student loans, and other short-term predatory loans can also be eliminated by filing for bankruptcy. Helping clients eliminate the especially insidious payday loans offered by predatory lenders in Colorado is one of the most gratifying aspects of the work our Westminster bankruptcy lawyers do. Many states have enacted laws that make payday loans illegal but unfortunately, Colorado is not one of them. If you’ve fallen victim to a predatory payday loan and are looking to put an end to massive interest rates and the incessant harassment from these loan sharks trying to collect a debt, contact our firm today for help with your bankruptcy case.
A wage garnishment is where your employer deducts money from your pay and then delivers that money to your creditors. Generally, garnishment lasts until a particular debt is fully paid off. The debts for which a wage garnishment order may be entered include any debts that have been the subject of a collections lawsuit resulting in a judgment against you and a wage garnishment order. The automatic stay put in place immediately upon filing for bankruptcy will stop wage garnishment for the duration of the bankruptcy and you can deal with those debts through the bankruptcy process.
While bankruptcy will eventually get rid of the majority of your debt, it won’t get rid of liens. Basically, a lien enables a lender to seize property, auction it, and use the money for a loan obligation. While bankruptcy can possibly discharge past-due payments or second mortgages, it is not a guarantee. It’s important to note that filing for bankruptcy won’t erase all debt to a car loan provider, landlord, or mortgage company- filing bankruptcy gives you options. Bankruptcy will allow you to hold onto your vehicle/apartment/house until you can negotiate or modify your agreement with the lender, get caught up on payments, or surrender the vehicle/apartment/house at a later date so you have time to find other means of transportation/place to live.
If you are subject to wage garnishment for family support payments, previous bankruptcy filings, or taxes owed to the Internal Revenue Service, filing for bankruptcy may not be the debt-relief help you need. None of these are covered by Chapter 7 or Chapter 13 bankruptcy in Colorado.
Bankruptcy can’t get rid of student loans unless you prove that paying them is causing you “undue hardship.” Basically, you would have to prove that there’s absolutely no way that you can pay off your student loans right now or in the future. However, very few people can successfully prove this.
If you’ve been thinking about maxing out credit cards in anticipation of filing for bankruptcy, DON’T DO IT. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has made charging your card with no intent to pay it back via bankruptcy a fraudulent offense. The penalties for that include dismissal of your petition for bankruptcy and could include criminal charges punishable by up to $500,000 in fines and five years of jail time.
Keep in mind that the list of “What Bankruptcy Can’t Do” may grow longer if you don’t have an experienced and knowledgeable Colorado bankruptcy attorney on your side. Many people across the country who attempt to file bankruptcy pro-se miss exemptions, or don’t list all property or debts in their paperwork. This can lead to your case being dismissed, or carrying debts that could have been discharged but weren’t because the debts weren’t listed in the schedules properly. Hiring a Westminster bankruptcy lawyer is your best chance to make sure you take advantage of every benefit filing for bankruptcy has to offer.
Ranked one of the Best Places to live in the U.S. by Money magazine, Westminster is home to more than 100,000 residents. Like many cities in Colorado, what attracted settlers to the area was the promise of gold and The Homestead Act of 1862. Today, residents and visitors alike flock to the community because of its closeness to the state capitol, Denver, and its beautiful mountain views.
With over 120 miles of hiking and walking trails in the city, there’s plenty of opportunity for residents and visitors alike to enjoy the great outdoors. One of the most popular parks in the area is the Stanley Lake Regional Park. Not only does Stanley Lake serve as the regional water supply for Westminster, Northglenn, and Thornton, but it’s also open for fishing, swimming, and boating.
Another popular outdoor activity in Westminster is golf. Enthusiasts flock to the area to enjoy the sport at one of the 70+ courses in a 20-mile radius of the city. One of the most unique courses in Westminster is the Walnut Creek Golf Preserve. What makes this course so distinctive is that sportsmen and women can play through 18 holes of golf in an Audubon Certified Signature Sanctuary. It’s a sustainably managed 215-acre sanctuary to preserve and support wildlife, creating a breathtaking experience for any golfer looking for a one-of-a-kind play-through.
If crippling debt has become par for the course in your life, the help of an experienced Westminster bankruptcy attorney is the hole-in-one you’re looking for.
Whatever assets you own that cannot be exempt are then liquidated. After filing, the proceeds of the liquidation are then distributed to your creditors, releasing you from debt.
While it may be relatively easy to start the process of a bankruptcy filing, getting high-quality legal advice and help is crucial. Many complications can arise after a bankruptcy filing when it is done by an inexperienced lawyer or done “pro se” (a term for people acting as their own lawyers). Due to the 2005 change in federal bankruptcy laws, called The Bankruptcy Abuse Prevention and Consumer Protection Act, it has become significantly more complicated to file bankruptcy in the United States.
All you need to get control of your financial life is the help of our knowledgeable Colorado bankruptcy lawyers. Our team is highly experienced at guiding clients quickly and efficiently through their bankruptcy cases and explaining the complex bankruptcy laws in Westminster.
The goal of all of our Westminster bankruptcy attorneys is to help clients just like you achieve debt relief and eliminate creditor harassment. Whether you are pursuing Chapter 7 bankruptcy, Chapter 13 bankruptcy, or even non-bankruptcy alternatives, our team of legal professionals works quickly and is dedicated to finding you a customized solution to your financial troubles. We have already helped hundreds of Denver-area people just like you get out from under mountains of debt. We’re here to make sure you know that there is hope; You deserve a fresh start.