- Aurora, CO
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Let me help you get the fresh financial start that you deserve.
Even with sacrifice and struggle, climbing out of debt can be extremely difficult. If you are struggling to make ends meet and feel overwhelmed by creditors or the looming possibility of repossession or foreclosure, an experienced Aurora bankruptcy attorney can help you seek the fresh start you need to achieve financial independence.
If you are holding back from filing bankruptcy out of fear, guilt, or shame, you are not alone. Know this, bankruptcy is not a dead end. Rather, it is a new beginning.
The traditional stigma of bankruptcy has faded and been replaced by the view that it is a fresh start after a time of trouble. Most people who are filing for bankruptcy these days have experienced unexpected and extreme financial shock, such as job loss, business failure, medical emergency, or divorce.
For years, our team of experienced CO bankruptcy attorneys has helped people just like you lighten their debt loads through bankruptcy. We’ve seen how good people can fall victim to money problems, and how much being in debt can hurt. As your advocates, we will take the time to help you understand both the benefits and drawbacks of bankruptcy. Together we will explore debt relief solutions so that you and your family can move forward after debt.
The first step in our journey together is this website. We have provided a basic outline of how bankruptcy works because we believe that every client of ours should understand the process every step of the way. Of course, the information listed below is just the tip of the bankruptcy iceberg. For a more detailed explanation, or to discuss the specifics of your circumstances, we invite you to take the next step on your bankruptcy journey with us by contacting our firm for a free case evaluation.
Contrary to popular belief, filing for bankruptcy doesn’t mean you are a failure or irresponsible.
Without bankruptcy, debt could haunt you and your family for the rest of your life.
There are different types of bankruptcy chapters available for individuals, as well as chapters available for businesses.
This website will focus on two specific chapters for individuals filing bankruptcy, Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy - Commonly referred to as “liquidation bankruptcy,” this chapter is for people who cannot make regular, monthly, payments toward their debts.
It wipes out most or all of your debt by forcing you to sell your assets (anything you own that has value) to pay back your creditors (the people you owe money to). This process is called liquidation—and once it’s over, any remaining unsecured debt (credit extended to you without collateral, like credit card debt or medical bills) is usually erased.
With the help of an experienced Aurora Chapter 7 Bankruptcy Attorney, you will provide the United States Bankruptcy Court, District of Colorado with a list of all of your assets as well as any exemptions you may have.
Some examples of Colorado state bankruptcy exemptions include:
All health aids and medical equipment are 100% exemptions
Filing for Chapter 7 bankruptcy in Colorado generally takes 4-6 months to resolve, and it’s crucial to the overall success of the bankruptcy process that your initial file is both complete and correct; because once you file, you cannot undo it. For example, if you fail to include utility debts in your filing paperwork, they cannot be discharged even if they would have otherwise qualified for elimination. As you can see, it’s in your best interest to be forthright about all of your debts. Our Aurora Chapter 7 bankruptcy attorneys can help you make sure that you don’t overlook any debt obligations so that you are in the best financial position possible coming out of bankruptcy.
If Chapter 7 Bankruptcy isn't the right solution for you, we can look into other bankruptcy and debt-relief options, including filing for Chapter 13 bankruptcy. Not everyone will qualify for a Chapter 7 bankruptcy in Aurora. To know if you qualify for debt relief, you’d have to take the Means Test. The Means Test will take into account your income and expenses, and compare them to the standard median income in Colorado. To pass the test, you must earn less than the state median income. Otherwise, the court would have you apply for a Chapter 13 repayment plan instead. For more information on the means test, continue reading on The United States Department of Justice website.
Chapter 13 Bankruptcy- The most simple way to explain Chapter 13 bankruptcy is if Chapter 7 bankruptcy liquidates your assets to settle your debts, Chapter 13 reorganizes your debts to make repayment easier.
Once you’ve filed for Chapter 13 bankruptcy, you’ll get a court-approved monthly payment plan to pay back some of your unsecured debt and all of your secured debt over the next three to five years. The monthly payment amount is based on your income and how much debt you have.
Unlike Chapter 7, Chapter 13 allows you to keep all of your stuff and catch up on any debt that doesn’t qualify for bankruptcy (such as alimony or child support).
If you’re struggling with whether or not filing for Chapter 13 bankruptcy is the right course of action, don’t wait until it is too late! Talk to one of our experienced Aurora Chapter 13 bankruptcy attorneys right away to discuss the best debt solution for you.
As you can see, many factors contribute to the bankruptcy process. When determining what bankruptcy chapter will best serve a client, our Aurora bankruptcy lawyers will conduct the necessary legal research and analysis, lifting a significant burden off of your shoulders. We will help you decide whether filing for Chapter 7 or Chapter 13 bankruptcy will best suit your particular situation, and then help prepare all forms and exemption evaluations needed.
Essentially, your bankruptcy attorney is there to help you discharge your personal debt, while also retaining as much of your assets as possible.
Once you file bankruptcy, a court-issued order known as the automatic stay will immediately go into effect. Listed below are some of the ways an automatic stay can help you fight your way out of debt.
Stops Creditor Harassment- Does your phone ring off the hook with calls from debt collectors trying to get you to make past due payments? Is your mailbox full of threatening letters promising lawsuits and financial ruin if you don’t start paying? Filing bankruptcy prevents creditor harassment and forbids those creditors from continuing any collection efforts. Creditors who attempt to collect debts after an automatic stay is imposed face strict consequences, so it’s important to hire an experienced Colorado bankruptcy lawyer who can help you if your creditors continue to contact you after you’ve filed for bankruptcy.
Stops Repossession- Are you a few payments behind on your car and facing repossession? As soon as you file for bankruptcy, any creditor who has a secured interest in your car and wants to repossess it can no longer do so. It’s important to note that filing for bankruptcy won’t erase all debt to a car loan provider- filing bankruptcy gives you options. Bankruptcy will allow you to hold onto your vehicle until you can negotiate or modify your agreement with the lender, get caught up on payments, or surrender the vehicle at a later date so you have time to replace your vehicle or find other means of transportation.
Stops Home Foreclosure- Just like the above section on bankruptcy halting the repossession of your vehicle, an automatic stay will also stall home foreclosure proceedings. Additionally, if you file for Chapter 13 bankruptcy, it’s possible to eliminate any second (or third) mortgages on your house. If you’re unable to pay your mortgage on time and your property is at risk of foreclosure, the automatic stay can help delay or stop the proceedings. The relief of an automatic stay may be temporary, however. An Aurora bankruptcy attorney can help you find a way to possibly keep your home even after your Chapter 7 bankruptcy.
Stops Wage Garnishment- Wage garnishment is when a creditor takes money out of your paycheck to address a past-due debt, and filing for bankruptcy stops most garnishments dead in their tracks. If a percentage of your paycheck is being deducted to cover debts, but you aren’t sure if filing for bankruptcy is the right path for you, we urge you to speak to one of our knowledgeable Aurora bankruptcy attorneys. There may be other ways to eliminate or reduce wage garnishment.
Stops Any Judgements or Lawsuits- Once you file for bankruptcy, and an automatic stay is in place, the federal court will protect you from any legal action that creditors or lenders may try to impose. If a lender decides to file a lawsuit against you, then filing bankruptcy will immediately stop the lawsuit. The automatic stay makes it illegal for a lender to pursue a lawsuit and makes any judgment obtained after your bankruptcy filing void. You should know that just because it’s against the law, doesn’t mean it doesn’t still happen. Many predatory lenders bank on the fact that you don’t know the law and will continue to harass and threaten you after you’ve filed for bankruptcy. That’s one of the many reasons why it’s important to educate yourself on the laws and hire an experienced Aurora bankruptcy attorney to help you fight off predatory lenders and lawsuits.
Other benefits clients have seen when filing for bankruptcy with our Aurora Bankruptcy Attorneys include:
Wipe-out all Predatory Loans- The United States Department of Justice defines predatory lending as “the fraudulent, deceptive, and unfair tactics some people use to dupe us into loans that we can't afford.” Does that sound familiar to you? If you’ve listened to the radio or watched television any time in the last few years, you’ve probably seen an ad for a predatory lending company. They promise things like “no down payments” “no credit checks,” and “easy payday loans.” These companies prey on people by using false advertising and hidden, alarmingly high-interest rates. Since most of these predatory lenders fall under the umbrella of “unsecured debt” (meaning, they do not require collateral to secure a loan), all predatory loans are immediately wiped out when you file for Chapter 7 bankruptcy. If you’ve fallen victim to a predatory lender, know you aren’t alone. Our CO bankruptcy lawyers have helped hundreds of people in similar situations. Our team derives great joy in helping to erase all debt owed to predatory lenders in Aurora.
Erases Medical Debts- Medical debt is one of the leading causes of bankruptcy in the country, although It’s important to note that, in the state of Colorado, you cannot file bankruptcy solely to discharge medical debt, you must include ALL of your debt. If you or a family member have had a medical emergency that has left you swimming in debt, you may be using all of your income just to stay afloat, letting other debts pile up. If you have significant debt, including unpaid medical bills, an Aurora bankruptcy attorney can help you on the path toward easing that financial burden.
Prevent Utility Shut-offs- If you're behind on a utility bill and the company is threatening to disconnect your water, electric, gas, or telephone service, the automatic stay will prevent the disconnection, at least for a little while. Although the amount of a utility bill itself rarely justifies a bankruptcy filing, past due utility bills do qualify as unsecured debt. Be aware that the utility company will likely be able to require that you pay a deposit to ensure future payments and that even if the past-due debt is erased through bankruptcy, you will need to continue to make all current and future payments in order to retain utility service.
One of the most pervasive myths about filing bankruptcy, commonly spread by debt collectors and predatory lenders, is that it will ruin your credit, forever.
While it’s important to note that bankruptcy may negatively impact your credit score, that impact will lessen as time passes. Chapter 7 bankruptcy remains on your report for up to 10 years, and Chapter 13 stays there for up to seven years.
Although that’s not an ideal situation, you can immediately begin to build your credit back up as soon as you file for bankruptcy. It’s likely that if you’re at the point where you’re considering bankruptcy, your credit probably isn’t in the best shape. While you may take a hit to your credit initially after filing, you have to realize that not filing, and continuing to not make payments to your debts will only cause your credit score to continue to plummet.
Like with any damage to your creditworthiness, it's possible to rebuild your credit with some focus and patience—along with using the debt relief provided by the bankruptcy to get back on track financially.
If your credit score is worrying you, we recommend you reach out for help with professional advice from our knowledgeable Aurora debt relief attorneys and stay informed on your rights and options
A major city in the Front Range Urban Corridor, the city of Aurora is quite unique in that it lies in Arapahoe, Adams, and Douglas counties. Formerly known as Fletcher and re-named Aurora in 1907, the city enjoys a semi-arid climate, which results in four distinct seasons that residents and visitors can enjoy.
With over 100 parks, containing over 6,000 acres of open land, Aurora is a mecca for outdoor enthusiasts. One of the most popular destinations for hikers, kayakers, or campers is Cherry Creek Park. Another popular outdoor destination in Aurora is the Plains Conservation Center. Visitors to the center are transported back in time to the late 1800s to experience pioneer life through exhibits and replicas of a homestead village and tipi camp.
If you prefer more sedate, indoor activities, the Aurora Symphony Orchestra may be for you. Established in 1978, the ASO is made up entirely of volunteers and performs a variety of concerts during its August-May season.
If you’re ready to stop letting your debt play you like a piano, you’ll need the help of an experienced Colorado bankruptcy attorney.
No one ever intends to put themselves in debt they can’t pay back, but unfortunate circumstances can often result in past-due bills and overstretched finances. Our experienced Aurora bankruptcy lawyers can help you and your family through this difficult time. Reach out to us today to begin resolving your financial burdens!