Bankruptcy
At The Wollard Law Firm, PC, we provide understanding, experienced representation in bankruptcy and debt collection cases.
We recognize your time is valuable and many people simply cannot take the time off work to go to an attorneys office. We specialize in minimizing in-person meetings and working diligently to complete cases online or via phone.
We serve clients throughout the Denver metropolitan area and are conveniently just a few blocks south of I-70 on Kipling Street in Wheat Ridge – just minutes from Golden, Arvada, Lakewood and Denver.
Call 303-355-1141 TODAY for your FREE phone consultation regarding your Bankruptcy Options!
Colorado Bankruptcy - Get RELIEF today!
We understand times are tough. With our help you can STOP the harassing phone calls, garnishments, lawsuits, foreclosures and even repossessions. The US BANKRUPTCY code was put in place to PROTECT YOU.
Call and speak to an ATTORNEY today (NOT a staff member or petition preparer who may not understand the complexities of the law).
The Wollard Law Firm handles all types of bankruptcy cases including Chapter 7 (liquidation) and Chapter 13 (payment plan) cases. We will work carefully with you to determine which type of bankruptcy is best for you. Some basic information about the different types of bankruptcy is included below and we encourage you to CALL NOW so we CAN answer all your questions.
Colorado Chapter 7 Bankruptcy
(Liquidation Bankruptcy)
A Chapter 7 bankruptcy filing will result in the discharge of most types of debt including credit card balances, medical bills, finance company loans and old taxes. Certain debts such as recent taxes, student loans, recent cash advances, domestic support obligations, and monies procured by fraud will not be discharged.
An individual with primarily consumer debts is eligible to receive a Chapter 7 discharge if his or her average monthly income for the past six months is less than the Median Income for the State of Colorado. Click here to see the current median income figures used in Colorado. An individual may not receive a Chapter 7 discharge if he or she has received a previous discharge under Chapter 7 in the previous eight years.
You get to keep all of your exempt property in a chapter 7 case. Exempt property is defined by Colorado Law and includes the first $3,000 in equity in personal property, $7,500 in equity in your car, the first $75,000 in equity in your home (or $105,000 if you are over 60 years old or disabled) and the first $20,000 of tools you use for your trade or business. Exemptions for married debtors are doubled (except for your home).
Once a debtor files a Chapter 7 petition, all collection activity must cease and any creditor attempting to collect a debt can be sanctioned by the court. Approximately 30 days after the petition is filed, a meeting of creditors is held. Our attorneys will appear with you at the meeting which usually takes five to ten minutes to complete. After the conclusion of the meeting, if there are no objections, the debtor will receive his or her permanent discharge in about two months.
Colorado Chapter 13 Bankruptcy (payment plan)
Chapter 13 bankruptcy is called an “Adjustment of Debts” bankruptcy. In a Chapter 13, the debtor will make monthly payments for a period between 3 and 5 years to a court appointed trustee who distributes the proceeds to your creditors. The amount of the payment is based on your current income and expenses.
In the case of secured debts such as home mortgage or vehicle loans, you may pay these debts as part of or outside of the plan. A chapter 13 case can stop repossessions or foreclosures by paying back any arrearage on these debts over the 3 to 5 year life of the plan. A chapter 13 is also a great way to address tax or family support liabilities, both of which can be resolved through a confirmed Chapter 13 plan. You may also be able to “cram down” or “strip” car loans or 2nd mortgage loans to the fair market value of the collateral securing the obligation (great for homes or cars that are ‘underwater’).
When a debtor files a Chapter 13 bankruptcy petition, all collection attempts by creditors including telephone calls, garnishments and repossessions are stayed. Approximately thirty days after the Chapter 13 is filed with the court, you will be required to make one appearance in front of the court appointed trustee with your attorney. Once your plan is confirmed by the court and you have completed all the payments, the bankruptcy court will enter a discharge order which will relieve you of liability on all the debts in the plan.
Protecting your rights in bankruptcy cases requires careful planning both before and after you file the case. Call 303-355-1141 today for a free case evaluation and to schedule an appointment to take the steps towards YOUR fresh start!
