Bankruptcy | Colorado Bankruptcy | 5280Law

Bankruptcy

How do you know when the time is right?

How do you know when the time is right? Deciding to file is never an easy decision. The tendency is to view bankruptcy as giving up. Bankruptcy isn’t giving up, it is a strategic restructuring, and sometimes a strategic retreat. Bankruptcy helps you regain control over your financial situation so you can prosper again in the near future. Starting the process can be as easy as providing:

  • Last years Taxes.
  • Last 6 to 12 paycheck stubs.
  • Listing of all debts owed.
  • Listing of all assets owned.

Chapter 7

Chapter 7 Bankruptcy: Get Relief from Credit Cards, Medical Bills, Payday Loans, Personal Loans, and other debts

Sometimes you will hear Chapter 7 bankruptcy referred to as liquidation bankruptcy. This is by far the most common type of bankruptcy, and usually allows debtors to keep all their property while getting rid of most or all of their debt. To see the types of debt that cannot be discharged in this type of bankruptcy, please read our guide to nondischargeable debt. Most unsecured debt, such as credit cards, medical bills, payday loans, personal loans, apartment leases, and other unsecured debts can be completely eliminated. When a Chapter 7 is filed, the ultimate result is an order of discharge which legally clears most or all debts, allowing you to get a fresh start for your financial future.

What about my financed vehicle and my home (secured debts)?

You may be concerned about keeping your home or vehicle in a Chapter 7 bankruptcy. You have a choice whether to keep these items, but you must continue to make the monthly payments on the items you wish to keep. Sometimes you will also be required to sign a reaffirmation agreement, which is a contract with the lender to reaffirm or make yourself liable for the debt. In other words, a debtor who signs a reaffirmation agreement for a secured debt is putting himself or herself on the hook for the loan. The liability for any reaffirmed debt survives the bankruptcy.

A Chapter 7 bankruptcy can immediately stop a garnishment, halt harassment from creditors, delay a foreclosure or eviction, or even stop a lawsuit dead in its tracks. If you need to get out of debt, we can help you get the relief you need. Even if you do not qualify for relief under Chapter 7 bankruptcy, we can suggest other avenues to restructure your finances or settle particular troublesome debt so that you can rest easy knowing your financial life is back in your control again.

Contact our Chapter 7 Bankruptcy Attorney for Denver, Lakewood, Golden, Littleton, Westminster, Broomfield / Free Consultation and Flexible Hours.

We understand that families and individuals facing difficult economic times often have stressful schedules and time constraints. We offer flexible evening and weekend hours, by appointment, in the Denver Metro area and other select locations across the state of Colorado. Contact Us to schedule a consultation with a lawyer experienced in various methods of debt elimination.

We offer flat, sliding fees, for individual and small-business bankruptcy filings, and our rates are lower than those charged by many local firms.

Chapter 13
Another common form of bankruptcy is a reorganization of your finances under Chapter 13 of the Bankruptcy Code. While this type of relief is available to those who have disposable income, sometimes a filing under Chapter 13 is mandatory. This type of bankruptcy allows for debtors to set up a plan to repay some or all of their liabilities. Chapter 13 has many advantages. One of the main advantages is the ability to catch up on mortgage payments. Another advantage is to have a vehicle returned if it has been repossessed just prior to the filing of this type of bankruptcy. Certain types of debts incurred through divorce and certain portions of tax debt can be discharged. Currently, an individual cannot file Chapter 13 if he or she owes more than $383,175 in unsecured debt or $1,149,525 in secured debt. This threshold changes from time to time.

Chapter 11 Creditor Representation
Chapter 11 bankruptcy is a reorganization of the finances of a business or individual with debt exceeding the limits for a Chapter 13 reorganization. While our firm does not handle debtor work within this type of bankruptcy, we are able to make referrals to a variety of qualified professionals. Under Chapter 11, a debtor (business or individual) can reorganize its finances by reducing obligations, modifying payment terms, and negotiating sales of its assets to pay down its debt. Debtors must get approval from the Bankruptcy Court to do this – creditors are able to fight back. Our firm provides top-notch representation for Chapter 11 creditors. If you are seeking to enforce your rights against a business or individual in Chapter 11 bankruptcy, look no further. We have successfully represented a variety of creditors and their interests in the bankruptcy court. In one instance, we were able to recoup 100% of the money owed to our client!

Cost of Bankruptcy
Unlike many other bankruptcy attorneys, our overhead is low and we pass that savings along to you. Although we offer a sliding fee scale, we prefer to meet with you prior to quoting a fee to fully understand your financial circumstances. We scale our fee to what you can legitimately afford, while also considering the complexity of your case.

Flat Fee for Bankruptcy
For Chapter 7 or Chapter 13 bankruptcy, we work on a flat fee basis. We include all services required to get you a discharge: preparing your bankruptcy petition and associated schedules, attending the Meeting of Creditors with you, attending plan confirmation hearings, fielding questions or concerns from you, your bankruptcy trustee, and your creditors. Our personalized service is second to none in the state – come see what you’re missing at the other firms!
In addition to our fees, you will be responsible for the following fees:
Chapter 7 filing fees: $335.00
Chapter 13 filing fees: $310.00
Credit counseling course fees: (depending on provider, can be as low as $10 per class or as much as $50)