Free Yourself From Debt: Get Skilled Bankruptcy Counsel Today
Our attorney at The Bruntz Law Firm, LLC, is dedicated to offering a comprehensive array of legal services to clients in Colorado. Our Douglas County bankruptcy lawyer, G. Damon Bruntz, has been practicing in this area of law since the beginning of his legal career.
He understands that filing for bankruptcy may feel like an admission of failure. However, he believes the contrary: Bankruptcy is an excellent way to rid yourself of unwanted debt so that you can start fresh. Dropping property values, a slumping economy and even a divorce can all lead to bankruptcy.
Choose An Experienced Bankruptcy Attorney To Help You Move Forward
Instead of shaming yourself, consult a skilled bankruptcy lawyer. Attorney Bruntz will explain the steps you need to take to get out from underneath your mounting medical bills, credit card bills, wage garnishment and creditor harassment. If your case is like some, he may be able to dissolve your second mortgage and prevent a home foreclosure and the repossession of your car.
Your income, assets and desires for the future will indicate whether you qualify for Chapter 7 or Chapter 13 bankruptcy. Our lawyer will be dedicated to helping you choose between the two, assisting you with the type of bankruptcy that best suits you so that you can focus on building a stronger financial future for you and your family. He can also answer your questions about bankruptcy, such as how to rebuild credit, how to navigate divorce and bankruptcy, and more. His goal is helping you navigate the bankruptcy process with clarity and confidence, making a fresh start not just possible but practical as well.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, often known as “liquidation” bankruptcy, aims to eliminate most of your unsecured debts, such as those from credit cards and medical bills, providing you with a fresh financial start. To qualify for Chapter 7 bankruptcy, you must meet specific requirements. First, either your income must fall below the median income for a household of your size in Colorado or you must pass the means test that reviews your financial records, including income and expenses, to assess whether you can pay your debts. Also, you must complete credit counseling from an approved agency within 180 days before filing.
When you decide to file under Chapter 7, the court will appoint a bankruptcy trustee to manage your case. The trustee’s responsibilities will include selling your nonexempt property to repay creditors. However, it’s important to note that many types of assets, such as basic household furnishings and a personal vehicle up to a certain value, usually qualify as exempt.
Chapter 13 Bankruptcy
The Chapter 13 bankruptcy process allows individuals who have a regular income and wish to keep their valuable assets to reorganize their debts. Known as a wage earner’s plan, Chapter 13 allows you to develop a plan to repay all or part of your debts over a period of three to five years.
To qualify for Chapter 13 bankruptcy, you must demonstrate sufficient income to meet monthly payment obligations after accounting for necessary living expenses. Additionally, your secured and unsecured debts must not exceed certain limits. You must also ensure that you have filed your federal and state income tax returns for the four tax years prior to your bankruptcy filing.
Chapter 13 bankruptcy can help you manage and potentially eliminate various types of debt, including credit card debt, medical bills and personal loans. It can also stop foreclosure proceedings and give you the opportunity to catch up on missed mortgage payments through a repayment plan.
How Do I Know If I Qualify For Bankruptcy?
Generally, whether you qualify for bankruptcy depends on several factors, including the type of bankruptcy you’re considering, your income, expenses and the amount and type of debt you have. We recommend scheduling a consultation with us where we can review your specific financial situation and guide you through the means test for Chapter 7 or evaluate your circumstances for Chapter 13.
What Is The Difference Between Chapter 7 And Chapter 13 Bankruptcy?
Chapter 7 bankruptcy is designed as a liquidation process where certain assets might be sold to pay off creditors, and it typically suits those with limited income. It can lead to the discharge of debts relatively quickly, usually within a few months.
On the other hand, Chapter 13 bankruptcy is more of a reorganization, aimed primarily at those with regular income who can commit to a repayment plan over three to five years. It allows you to keep your assets and work on a plan to pay off your debts over time.
What Debts Can Be Discharged Through Bankruptcy?
While bankruptcy can provide significant financial relief by discharging many types of debt, not all debts are dischargeable. Generally, unsecured debts like credit card bills, medical expenses, and personal loans can be discharged. However, debts such as student loans, most taxes, alimony and child support obligations typically cannot be discharged through bankruptcy. Each case is unique, so we advise discussing your specific debt types with us during your consultation to provide you with tailored advice on what to expect regarding your debt relief through bankruptcy.
Arrange A Free Initial Consultation
To schedule your free initial consultation with our Parker and Broomfield bankruptcy law attorney, call 720-837-2960 or complete our contact form. Our lawyer looks forward to speaking with you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.