Many hardworking Colorado Springs residents run into financial problems through no fault of their own. Fortunately, you can get a new financial start through a bankruptcy filing. At the Law Office of Stephen H. Swift, P.C., our attorneys have enormous experience and expertise in the area of bankruptcy law. We have helped literally thousands of people obtain debt relief through the Colorado bankruptcy system, and we can help you as well.
You Can Liquidate Your Debts with a Chapter 7 Bankruptcy
In a Chapter 7 bankruptcy, unsecured debts are wiped clean. Credit card debts, medical bills and personal loans are liquidated. I find that many of my Colorado Springs area clients are juggling a number of different debts. The bankruptcy laws allow people to focus on paying the debts that have the greatest significance to their family. By eliminating the unsecured debts in a Chapter 7 bankruptcy, you can create a pathway to paying other debts, such as child support obligations and student loans.
Stop Repossession, Garnishment and Judgments
As soon as we start working for you, we will hold off threats of repossession, garnishment and judgments. You can refer all creditors to our office, and we will deal with them. If you own a home, we can stall foreclosure long enough for you to find mortgage money or a new place to live. For most homeowners, Chapter 13 may prove to be a better option.
The Law Office of Stephen H. Swift, P.C. can act immediately to stop creditor harassment, repossession and garnishments, so that you can once again focus on living your life.
You Can Keep Your Property
The bankruptcy laws exempt certain property from repossession. In most cases, you can keep all your personal property, including your vehicles. At our firm, we are skilled at using every possible exemption to protect our clients' property.
In a Colorado Chapter 7 Bankruptcy you ask the court to discharge as much of your debt as is allowed by law. In exchange for this, the court appoints a Trustee whose job it is to inquire about your assets; determine what assets may be available for liquidation; and distribute the proceeds from any sale to your creditors.
Under Colorado Chapter 7 Bankruptcy, you select property from a state specific list of exemptions. The exemptions determine what property the trustee can sell and what property you are allowed to keep. For example, in Colorado you are entitled to have equity in your home of up $60,000, equity in your automobiles of up to $5,000 per person or $10,000 per couple, and a fairly extensive list of other property. This means that you can keep your home if you meet the following criteria:
You are current on your payments to the mortgage holder on the date of filing of your bankruptcy.
The value of your home less what you still owe on the mortgage(s) is less than $60,000.
Other types of property that are usually protected by exemptions:
Cars with equity of less than $5,000 per person or $10,000 per couple.
Most retirement plans such as 401(k) plans and IRAs.
Most insurance policies including the cash value of your life insurance.
Your personal property such as furniture, furnishings, clothes (other than furs), appliances, household goods, books, computers, T.V.’s, stereos and other items needed to furnish your home.
Your jewelry including wedding bands is exempt to certain dollar amounts.
The tools needed to carry on a trade equal to $20,000 and many other specific kinds of property.
Our goal in your case will be to eliminate as much debt and let you keep as much property as we can.
Helping You Make the Right Decision
The steps you take now can affect your life in many ways for years to come. An attorney at our firm can review your situation and help you decide whether a Chapter 7 bankruptcy or a filing under Chapter13 is right for you. The Law Office of Stephen H. Swift, P.C. is knowledgeable regarding Colorado bankruptcy laws and what can and cannot be done in cases like yours. We can handle all aspects of your bankruptcy, from start to finish. You can then start rebuilding your credit rating and finances on a more secure basis.