Denver Bankruptcy Attorneys
Colorado residents are seeking bankruptcy protection in record numbers and with good reason. Predatory lending, the collapsing housing market, high unemployment, credit card debt and the astronomical cost of medical care are the primary reasons why consumers find themselves facing insurmountable levels of debt.
The Denver bankruptcy lawyers at The Law Office of Andrew McKenna have helped countless families seek a fresh start free of debt collectors, maxed out credit cards and the constant threat of mortgage foreclosure.
Denver bankruptcies accounted for three-quarters of the 15,000 new cases filed in the first half of 2011, according to the U.S. Bankruptcy Court for the District of Colorado. A total of 32,509 bankruptcies in Colorado were filed in 2010. In comparison, just 9,741 cases were filed in 2006 before the beginning of the economic downturn.
While historically some viewed bankruptcy in a negative light, it has become a salvation for many in the middle class who simply can’t make ends meet anymore. Consequently, there is little or no stigma attached to seeking bankruptcy protection in Colorado or elsewhere. Most can get car loans and credit cards shortly after a bankruptcy is discharged. Mortgage loans are usually obtainable in as little as two years. For many, their credit scores were already ruined by maxed out credit cards and late payments; that, too, will begin to repair itself almost immediately.
Types of Bankruptcy in Colorado
- Chapter 7: The most common type of consumer bankruptcy, it permits a consumer to erase most types of debt and make a fresh start.
- Chapter 9: Municipal bankruptcy used by cities, towns, school districts, etc.
- Chapter 11: Business reo-organization bankruptcy.
- Chapter 12: Used by family farms and fisheries.
- Chapter 13: Second main type of consumer bankruptcy. Establishes a repayment plan for 3 to 5 years and permits some debt that remains unpaid at the end of that term to be forgiven.
- Chapter 15: International bankruptcy used in cases involving entities outside the United States.
Bankruptcy is a complex legal process handled in federal court. Consulting an experienced Denver bankruptcy law firm is vital to protecting your rights and your future financial well-being. Failure to include all assets can result in charges in Colorado bankruptcy fraud. Failure to include all debts can leave you liable for such debts after a bankruptcy is discharged – and unable to seek bankruptcy protection again for a period of years. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has also made filing bankruptcy more complicated. Regardless of the moniker Congress gave it, the act was primarily a handout to large banks and credit card companies. Having saddled consumers with unmanageable debt levels and high interest rates through predatory lending and marketing practices, those same companies were upset when consumers sought protection through bankruptcy. The result is a means test that must be performed on a consumer’s income, assets and liabilities before determining whether he or she can seek protection through Chapter 7 or Chapter 13 bankruptcy.
Bankruptcy Help in Denver
Filing for Bankruptcy in Colorado can:
- Stop foreclosure
- Stop collection calls
- Stop garnishment of wages
- Erase credit card debt
- Eliminate bad mortgage debt
- Eliminate medical bills
- Protect your retirement funds
Consumer bankruptcy laws remain powerful tools that permit Colorado residents to make a fresh start. Creditors are forbidden from contacting you as soon as bankruptcy is filed. You and your Colorado bankruptcy lawyer can then sit down in the peace and quiet and decide upon the best course of action. In many cases, your bankruptcy can be discharged in a matter of months, allowing you to go forward with a fresh start into a more secure financial future.
If you need bankruptcy assistance in Denver or would like more information, call The Law Office of Andrew McKenna today at 303-730-8819 for a free consultation or contact us online. We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code. Serving clients in Denver, Northglenn, Westminster, Thornton and throughout Colorado, including Aurora, Englewood, Lakewood and Boulder.
Denver Bankruptcy Help – 303-730-8819– Free Consultation
ANDREW McKENNA’s CREDENTIALS
20 Years of Experience
Only represents consumers
BBB Accredited, A+ Rating
Member of Tom Matino Referral List for over 5 Years
North Metro Denver Office – 11154 Huron
St. Northglenn, CO 80234
South Metro Denver Office – 3801
E. Florida, Suite 400, Denver, CO 80222