Denver Bankruptcy Attorneys - Law Office of Andrew McKenna

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    Contact us today at 303-730-8819, or use our CONTACT PAGE to request your free Telephone Consultation with Andrew F. McKenna, The Bankruptcy Attorney.

  • Can I Keep My Home

    Colorado Bankruptcy/Can I Keep My Home

    It’s likely you will be able to keep your home when filing for either Chapter 7 or Chapter 13 bankruptcy in Denver or elsewhere in Colorado. The question becomes, should you?

    The Denver bankruptcy attorneys at The Law Office of Andrew McKenna will assist you in conducting a thorough review of your personal financial situation; together we will discuss your options and develop the best plan to lead you to a sound financial future.

    A Chapter 13 or Chapter 7 bankruptcy filing in Colorado can both assist you in keeping your home, should you decide it’s in your best interest to do so.

    Keeping my Home through Denver Bankruptcy

    • Chapter 7: Under Colorado law, you can exempt up to $60,000 in home equity from bankruptcy. Thus, if you have less than that amount of equity, you can complete the Chapter 7 bankruptcy and keep your home as long as you are current on the payment. After the implosion of the real estate market and the Great Recession, many homeowners have little or no equity and so would be eligible to keep their homes under Chapter 7. The question then becomes whether they should. Homeowners who are significantly upside down on their mortgage may be better off to jettison both the home and the debt through bankruptcy.
    • Chapter 13: For those facing foreclosure, or who are behind on their payments, a Chapter 13 bankruptcy may be filed before the sale date. This delays the foreclosure and permits you to reorganize your debt. Filing this type of bankruptcy will also permit you to repay the past due amount over a 3- to 5-year period.
    • Additionally, a second or third mortgage can be stripped off via a Section 506 Motion, provided that the value of the first mortgage exceeds the fair-market value of the house.

    Colorado Bankruptcy Reaffirmation Agreements

    Lenders may threaten to seize collateral if a debtor fails to sign a reaffirmation agreement, which re-obligates you to pay the debt. Only a subsequent bankruptcy, which a debtor will not be able to file for years, will erase a debt once a consumer signs a reaffirmation agreement. Keep in mind, a bank’s job is to improve its legal position whenever possible. You are under no obligation to sign such documents. In all cases, consulting an experienced Denver bankruptcy lawyer is the best course of action when deciding which debts to discharge, which to affirm, and whether to sign a reaffirmation agreement.

    Contact a Colorado Bankruptcy Attorney Today

    If you need bankruptcy assistance in Denver or would like more information, call The Law Office of Andrew McKenna today at 303-730-8819for a free consultation or contact us online. We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code

    Denver Bankruptcy Help – 303-730-8819– Free Consultation


    20 Years of Experience
    NACBA Member
    Only represents consumers
    BBB Accredited, A+ Rating

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    North Metro Denver Office – 11154 Huron
    St. Northglenn, CO 80234

    South Metro Denver Office – 3801
    E. Florida, Suite 400, Denver, CO 80222


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