Aurora Bankruptcy Lawyer: Seeking Fair Resolutions For You
How we do Things
We have been successfully been doing Chapter 7 bankruptcies for the last 15 years and counting. We prepare all documents for you, and we’ll answer any questions you have. You will work directly with one of our paralegals in preparing all forms, and then one of our lawyers will go with you to the bankruptcy hearing, which is a very simple process.
Additionally – and very importantly – once we give you a set price on a bankruptcy, that’s the price. Some firms will fraudulently entice clients by lying to them about a $500 bankruptcy, or even less. That’s simply impossible to do. The filing fees alone are around that amount. So what these firms do is get you in the door with the promise of low fees, then they start charging you more during the process. As they continue to charge you, you realize that you’ve already spent thousands of dollars, still don’t have your bankruptcy and then have to spend more.
We do not engage in tactics like this and never will. We will give you an up-front price, and then that will remain the price.
Big Bankruptcy Questions:
- Will I lose my home?In most cases, no. Very, very few of our clients have lost their homes. The bankruptcy laws allow you to have a lot of equity in your house. As long as you’re not above the limits – and most people are not – you’ll keep your house.
- Will I lose my car?In most cases, not unless you want to. If you’re in a bad car loan and want to get out of it, then you can include that in your bankruptcy. If you’re happy with your car and can afford the loan payments, then most of the time you can keep it.
- Will I lose my possessions?Unless you have a lot of valuable possessions – such as expensive jewelry – you’re going to keep all of your things most of the time. No one is going to come into your home and take your furniture, TV and clothes.
- Will I lose my job?You absolutely should not. Bankruptcies and employment generally have nothing to do with one another. Millions of people have declared bankruptcy. Most of the time, their employers have no idea they’re even going through the process.
Bankruptcy Exemptions In Colorado
Many people wonder “will I lose my home or car” when filing for Chapter 7 bankruptcy in Colorado. Fortunately, state exemption laws are far more protective of property than most people expect.
Colorado offers several important protections that help individuals maintain stability during the bankruptcy process. Below are key exemptions that are designed to safeguard essential assets.
- Your home: Colorado allows you to protect a significant amount of equity in your primary residence. Homeowners may exempt up to $250,000 in equity, and those who are 60 or older or living with a qualifying disability may protect up to $350,000.
- Your car: You may keep up to $15,000 in equity in one motor vehicle. If you are elderly or living with a disability, the exemption increases to $25,000, helping ensure reliable transportation remains available.
- Your possessions: Colorado shields thousands of dollars in personal property, including household furnishings, clothing and certain jewelry, allowing you to maintain daily necessities.
- Your retirement: Most retirement accounts, including 401(k)s, pensions and IRAs, are exempt from bankruptcy. These funds are generally protected from creditors so your long‑term financial security remains intact.
These exemptions can help you rebuild instead of starting over with nothing, making the bankruptcy process feel much less intimidating.
Benefits Of Filing Bankruptcy In Colorado
Filing bankruptcy in Colorado provides meaningful relief for individuals facing overwhelming financial pressure. One of the most immediate benefits is the automatic stay, a powerful legal protection that stops most collection activity the moment your case is filed. This means creditors must halt lawsuits and collection calls, and may allow you to stop wage garnishment or stop foreclosure while your case moves forward.
Bankruptcy can also eliminate several types of unsecured debt. Many individuals file because they are burdened by medical debt and credit card debt that has become impossible to manage. While student loans are generally unavailable for discharge, bankruptcy may still help by removing other debts and freeing up income for essential expenses.
Additional advantages include the ability to reorganize certain financial obligations, protect your exempt property and open a clear path toward long‑term financial recovery. A bankruptcy in the hands of an experienced Colorado attorney can provide the fresh start you need while helping you take back control of your financial future.
Chapter 13 vs Chapter 7 Bankruptcy
When considering a bankruptcy, one of the first questions people ask is which chapter they should file under. The two chapters available for consumer debtors (non-business related debts) are Chapter 7 and Chapter 13. In short, a Chapter 7 is a liquidation bankruptcy, meaning that most of your debts are simply wiped away. A Chapter 13 is a reorganization bankruptcy, which means that you’re put on a reduced repayment plan.
Our firm only handles Chapter 7 bankruptcies for various reasons, but one of those reasons is that a Chapter 13 just doesn’t help people all that much in most cases. Why be on a repayment plan when you can simply wipe debts away?
It makes sense to file under Chapter 7 bankruptcy in most cases. All eligible debts will be removed within 90 days of filing. The fastest and most cost-effective way to obtain permanent debt relief is filing a Chapter 7 bankruptcy. There are no repayment plans, and most people who file under chapter 7 lose very few, if any, assets.
Qualifying for Chapter 7
In several cases, we’ve seen people file under Chapter 13 when they could have filed under Chapter 7 and saved thousands of dollars. There are, unfortunately, several attorneys in the Denver area who will file Chapter 13 for their clients when the person should have filed chapter 7. Sometimes, this is just because the attorney doesn’t specialize in bankruptcy law. Sometimes, this is because Chapter 13’s are more profitable for attorneys than Chapter 7. On average, bankruptcy attorneys can charge three times more for a Chapter 13 bankruptcy than a Chapter 7.
If you’ve had a prior consultation with another attorney and been told you don’t qualify based on income, make sure to review the means test forms with one of our attorneys. You may qualify for a Chapter 7 bankruptcy, after all. Before you file under Chapter 13, get a second opinion from one of our attorneys of your eligibility to file under chapter 7.
Chapter 7 also is quick. The entire process, from date of filing to date of discharge, takes about three to four months. Please refer to the following for a framework of the process;
Step 1: Call today to get your free consultation.
When setting up the appointment, we will ask you to bring the following information with you:
- Tax returns for the previous two years
- Pay stubs from your employer for the past six months
- Bank statements for the past six months
- Information about all creditors
- We help obtain a credit report in office at your first consultation
Step 2: Counseling courses
Two bankruptcy counseling courses are required by law to be completed
- One class prior to filing
- One class after trustee meeting
Step 3: Electronic Filing
We fully prepare all necessary documents for your petition for electronic filing. Upon your final review of all information being complete and correct, we submit the petition to the U.S. Bankruptcy Court.
Step 4: 341 Meeting (meeting of creditors)
Once we file your petition, a 341 meeting will be held within 30 days. The attorney will ensure that you are fully prepared and will represent you during the meeting.
All debts will be discharged within 60-90 days after the trustee meeting.