Bankruptcy Specialists

Bankruptcy Services on the Western Slope + Northern Colorado

Help with Bankruptcy Protection

  • Are creditors harassing you?
  • Are you not sleeping at night?
  • Are you being threatened?
  • Are you drowning in debt?
  • There are alternatives. There are answers. There are options.
  • In most cases, you can keep your property. In most cases, you can keep your home.
  • If you need a fresh start. If you want to be debt free. Call us.
  • We save people’s financial lives.

Bankruptcy Services on the Western Slope + Northern Colorado

How Does Filing a Chapter 7 Make Sense?

Once you file a Chapter 7 bankruptcy, your creditors are immediately prohibited from any further collection activity against you without first obtaining court permission from your Bankruptcy Judge.

Stop Creditors
Chapter 7 bankruptcy can provide immediate relief to a wide variety of financial problems and quickly eliminates large amounts of unsecured debt. Chapter 7 bankruptcy stops all collection activity.

Stop Wage Garnishments
Most wage garnishments are immediately stopped upon filing bankruptcy. However, child support related deductions are not affected.

You Have a Large Amount of Unsecured Debt

Most credit cards, medical bills, broken leases, and other unsecured loans are eliminated in a Chapter 7 bankruptcy.

You Have a Limited Income and are Unable to Repay Your Creditors

Since Chapter 7 bankruptcy does not require you to make payments, it is often suitable if you do not have a large amount of disposable income to repay your creditors.

You Have Lost Either a Home or Vehicle to Foreclosure or Repossession
A chapter 7 bankruptcy will typically eliminate the deficiency balance owed to your creditors after they have taken and resold your property.

Temporarily Stop a Foreclosure or Repossession

Chapter 7 bankruptcy immediately stops repossession of your car or foreclosure on your house. However, a Chapter 7 bankruptcy only delays a foreclosure or repossession. Chapter 13 bankruptcy will allow you to catch up on past due balances through a court approved payment plan to keep your property.

You Owe IRS or State Taxes

Filing bankruptcy bars the IRS and State Tax Agencies from any form of collection activity during your Chapter 7 bankruptcy. You may also be able to eliminate some of your tax debt by filing a Chapter 7 bankruptcy.

Information That Can Help

For a Successful Bankruptcy Case

Disclose All Assets
All assets must be disclosed. We will help you determine whether assets are exempt and the current market value of property. Colorado provides reasonable exemptions for property. Most of your property will be protected.

List All Creditors
If you do not list a creditor, they may not be discharged. You should list all creditors, even if you have a co-debtor or intend to repay.

Do Not Wait Too Long
Acting quickly and decisively can avoid or diminish wage garnishments, foreclosure and repossession.

Provide All Documents as Requested
The trustee will ask to see tax returns, pay records, bank statements and other documents to verify the information we set forth in your case.

You Should Wait to File (If Possible) Until After You Get Your Tax Refund
 The trustee will require you to turn over a portion of our tax refund that is owed at the time of filing.

Do Not Charge on Credit Cards or Take Cash Advances Shortly Before filing
Please advise if you have taken cash advances, balance transfers or other credit use within three months of filing. You should stop using credit cards once you decide to file.

Do Not Give Money to Family Before Filing
These “preferences” can be taken back from your family and distributed to all creditors.

Do Not Transfer Assets
Assets transferred in anticipation of filing bankruptcy may be recovered by the bankruptcy trustee. We will have to disclose all transfers within the past four years.

You Should Continue Making Payments on Secured Property You Want to Keep (Home, Car) 
If you remain current on secured debt, you will be able to keep it during and after the bankruptcy case.

Do Not Borrow From or Withdraw 401k, IRA, and ERISA Qualified Savings and Retirement Plans to Pay Bills
Early withdrawal of these funds makes you liable for penalties and taxes that may not be discharged in bankruptcy. Qualified retirement plans are exempt from creditors in bankruptcy.

Do Not Borrow Money on Your Home to Pay Unsecured (I.E. Credit Card, Utility Or Medical) Bills
If you take out a second mortgage on your home, you may be converting debt which would have been discharged in bankruptcy into debt which you will still have to pay in order to keep your home. These additional payments could be high enough to cause you to lose your home.

Do Not Pay $600 to Unsecured Creditors Within the 90 Days Prior to Filing and Do Not Pay Money Back to Relatives or Business Associates Who Have Lent You Money
Payment of $600 or more to any other unsecured creditor within 90 days before the case is filed is a preference. The trustee may recover payments and divide the money between all of your creditors.

Do Not Put Property You Own Into Someone Else's Name to Avoid it Being Taken By Creditors or the Trustee
That kind of transfer is a fraud on creditors and can result in your discharge being denied. In addition, the trustee can take the property from the person to whom it was transferred.

You Must Attend the Meeting With the Trustee and I Will Attend With You
If you do not attend your hearing, your case may be dismissed with costs to you. You must bring photo ID & proof of social security number to your hearing.