Denver Bankruptcy Attorneys - Law Office of Andrew McKenna

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    303-730-8819
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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.

  • Chapter 7 & 13 Side by Side Comparison

    When it comes to filing for bankruptcy in Denver, many half truths, myths, rumors and contradictions exist. This is unfortunate. Dealing with bad debt is stressful enough. Deciding to seek help takes courage. Consumers deserve immediate access to experienced legal representation and the best available advice.

    That’s why the Denver bankruptcy attorneys at The Law Office of Andrew McKenna are committed to providing free and confidential consultations to clients considering bankruptcy throughout Colorado. There are two main forms of consumer bankruptcy: Chapter 7 and Chapter 13.

    Chapter 7 Bankruptcy in Colorado

    By far, the most common form of bankruptcy is Chapter 7, sometimes called a liquidation bankruptcy. Though in reality, there is typically nothing to liquidate. Nationwide, about three-quarters of consumer bankruptcies are filed as Chapter 7.

    • Requires a debtor to satisfy a means test, designed to determine if a sufficient enough debt-to-income ratio exists to warrant debt forgiveness. Otherwise, protection through Chapter 13 may be sought.
    • Provides for significant exemptions – providing the debtor with the means to keep many assets while still seeking debt forgiveness. Up to $60,000 in home equity and up to $5,000 in vehicle equity are exempt from seizure, as are most funds held in retirement accounts, household and personal items and assets used in the course of employment.
    • Schedule of assets and liabilities is submitted to the court.
    • Schedule of current income and expenses is submitted to the court.
    • Statement of financial affairs.
    • Schedule of executor contracts and unexpired leases.
    • One or more tax returns.
    • Certificate of credit counseling.
    • Evidence of income from employer.
    • Statement of net income and any anticipated increase in income.
    • Student loan information.
    • Trustee holds a meeting of creditors within 40 days of filing (in reality, few if any creditors attend). Debtor must attend meeting and answer truthfully.
    • A discharge is issued, alleviating the debtor’s responsibility for most debts and prohibiting creditors from taking future collection action.

    Chapter 13 Bankruptcy in Colorado

    Those who do not qualify for Chapter 7 bankruptcy, or those who seek to protect significant non-exempt assets from seizure, may file for Chapter 13 bankruptcy protection, which provides protection from creditors during a 3- to 5-year repayment period with debt forgiveness possible for certain remaining debts.

    • Eligible to self-employed or those operating an unincorporated business with unsecured debts of less than $360,475 and secured debts of less than $1,081,400 (amounts subject to periodic change).
    • Schedule of assets and liabilities is submitted to the court.
    • Schedule of current income and expenses is submitted to the court.
    • Statement of financial affairs.
    • Schedule of executor contracts and unexpired leases.
    • One or more tax returns.
    • Evidence of income from employer.
    • Statement of net income and any anticipated increase in income.
    • Student loan information.
    • Trustee holds a meeting of creditors within 50 days of filing.
    • Debtor files a repayment plan within 15 days.
    • Court establishes priority, secured and unsecured claims.
    • Unsecured claims need not be repaid in full as long as it can be shown that disposable income has gone to pay the debts over a specified period of time.
    • Duration of payment plan is established by income – three years if current income is less than state median and five years if greater than the state median.
    • Payments are made to the trustee and distributed to creditors.

    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. Serving clients in Denver 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
    NACBA Member
    Only represents consumers
    BBB Accredited, A+ Rating

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    Address:

    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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