Learn more about the services provided by our Denver and Centennial bankruptcy lawyers.
If you are struggling to pay your bills or are otherwise burdened by debt, you should not feel embarrassed or ashamed to consider bankruptcy. Bankruptcy is your right under federal law, and a proactive means for you to confront and overcome your debt situation. At Long & Long PC, our bankruptcy practice focuses in the following areas:
Chapter 7 – Chapter 7 bankruptcy is also known as liquidation bankruptcy because it discharges or eliminates most unsecured debts, such as credit card debt, repossession deficiencies on vehicle loans and medical bills. In exchange for the discharge, your assets (other than those exempt from bankruptcy) will be sold to pay your creditors.
Chapter 13 – With Chapter 13 bankruptcy, you agree to pay your debts over time from your income, pursuant to a court-approved repayment plan. The amount that you will repay to creditors under the plan will vary based on your particular circumstances.
Alternatives to Bankruptcy – Bankruptcy may not be for everyone. Some people do not qualify for bankruptcy, while others may conclude that the burdens of filing for bankruptcy outweigh the benefits. We help clients explore alternatives to bankruptcy, such as debt settlement or loan modification.
Certain basic concepts apply under all of the chapters of the Bankruptcy Code. A case is commenced by filing a petition with the bankruptcy court that must list all of your assets, liabilities and other required information. You cannot pick and choose which creditors to include on the petition, but that does not mean you cannot keep your home, vehicle or personal possessions. Certain assets are exempt from bankruptcy proceedings, and any assets you are required to sell will be gathered at a later date.
The filing of a bankruptcy invokes what is known as an “automatic stay.” This stay is a notice to all your creditors that immediately prevents them from doing anything further to compel collection of a debt, including harassing calls, garnishments, lawsuits, foreclosures, repossessions and utility shut-offs. The stay is designed to give you time to sort out your affairs free from creditor pressure.
Courts closely scrutinize the financial transactions of debtors so it is important to have an experienced and knowledgeable attorney for the entire process, even before you file. For example, there are significant differences to whether you file for bankruptcy pre- or post-divorce, which means there is a lot of planning and strategy to consider.
Take the First Step Toward Becoming Debt Free – Contact Us Today!
Whether you debt stems from divorce, job loss, unexpected medical expenses or another unfortunate situation, we can help you obtain a fresh financial start. Contact Long & Long PC today to schedule a free initial consultation at our offices in Denver & Centennial We will schedule an appointment right away, evenings and weekends included.