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Bankruptcy

"Most people become bankrupt through having invested too heavily in the prose of life. To have ruined one's self over poetry is an honour." - Oscar Wilde

Who can file bankruptcy?
Anyone who lives, operates a business or owns real property in the United States.  Partnerships, corporations and other legal entities may also file with certain restrictions.

What is the cost of filing?  

Chapter

Filing Fee

7

$335

11

$1717

12

$275

13

$310

 When can I file bankruptcy?
Usually when your debts exceed your ability to pay them within a realistic timeframe, bankruptcy may be your only option. A good indicator is an ongoing garnishment of your wages, which leaves you little if any room to make ends meet. There are limitations, such as not being able to file if you’ve flied previously and it has been less than eight years since that prior filing.

How soon will a bankruptcy stop creditor actions?
By filing a bankruptcy petition, you will automatically stop any lawsuits, garnishments, or other proceedings, including home foreclosures, unless and until a creditor obtains an order to proceed from the bankruptcy court

Do I have to go to court?
Normally, the only time you will find yourself near a courtroom is at the initial creditors meeting before the trustee assigned to administer your case.  Very rarely will you appear before a judge.

Will I have to turn over money or property to the trustee?  
In Chapter 7’s, If there do not appear to be sufficient “non-exempt” assets which the trustee can collect and liquidate, your case will be designated as a “no-asset case” and creditors will be notified that there will be no money to pay claims. In Chapter 12 and 13, no property is surrendered to the trustee other than monthly payments paid into a reorganization plan

How will filing bankruptcy affect my credit rating?
A bankruptcy will show up on a normal credit report for up to ten (10) years after filing.  In some cases, however, lenders or credit card companies may actively solicit recent bankruptcy filers because they know they can’t discharge debt within six years of filing.  Also, recent bankruptcy filers usually have no long-term debt.

Are there debts that aren't dischargeable?
Yes.
i) Taxes and other debts to governmental entities; ii) certain debts for spousal maintenance and/or child support; iii) government-backed student loans (depending on undue hardship status); iv) debts related intentional torts (depending on court ruling); debts incurred as a result of fraud, false pretenses, or intent to deceive.

Can I keep my house and/or my car?  
In most instances, yes. There are certain exemptions for many items of personal property, as well as a homestead exemption. You are allowed $75,000 in equity in your principal residence ($105,000 for elderly or disabled debtors) and $7,500 ($12,500 for elderly or disabled debtors) in equity for up to two (2) vehicle(s) you may own. There are also exemptions, which allow you to keep clothing, furniture, appliances and retirement funds, to name a few.

How much are the attorney's fees?
The bankruptcy laws mandate that the amount of attorneys fees be disclosed prior to filing, and are intended to give the attorney a reasonable compensation for representing a debtor(s). Our fees will vary depending on the complexity of the case and the estimated time required to resolve items, which are identified as potential issues once a case is filed. You can call and schedule an initial consultation in either our Yuma or Denver office during normal business hours. 

OFFICE LOCATIONS

We have three convenient locations to meet with you: Erie or Yuma, Colorado.

DENVER METRO
685 Briggs St, Erie, Colorado 80516 Telephone: (303) 860-7724
Click Here for Map/Directions

Mail To:
PO Box 636, Erie, Colorado, 80516

YUMA COLORADO
529 N. Albany, Yuma, Colorado 80759 Telephone: (970) 848-5477
Click Here For Map/Directions

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