Filing for Bankruptcy can Free You from Crushing Debt
Providing solutions to overwhelming debt
Especially in our poor economy, where jobs are unavailable or pay is significantly less than what it once was, mounting debt can begin to feel unmanageable and overwhelming. Fortunately, Masana Bankruptcy Law brings knowledge and skills to help you take control of your debt so you can take control of your life.
- Chapter 7 bankruptcy: If you and your spouse own few assets and earn relatively low wages, Chapter 7 bankruptcy is available to provide relief from your debts through the liquidation of your assets. Because many household and personal items are exempt from bankruptcy liquidation, you can make a fresh start with limited disruption to your life
Chapter 7 is the simplest and most straightforward form of bankruptcy as you’re provided a set of exemptions and as long as your assets fall under the given set of exemptions most of your property will be “exempt” and thus not able to be taken by the Bankruptcy Trustee.
Chapter 7 allows you a one-time wipe out of most debts aside from certain taxes owed, child support or other court-mandated domestic obligations, restitution, and other government-owed debts, student loans, or debts incurred through the commission of crimes.
If you have filed a Chapter 7 and received a discharge in the last 8 years or may make too much money to qualify for a Chapter 7, but if eligible and you have no assets, it is likely the best option for you. We can get started for $100 down and immediately have your creditors stop calling you and start calling us.
- Chapter 13 bankruptcy: Chapter 13 bankruptcy enables you to prevent your lender from acting on a secured debt such as foreclosing on your home or repossessing your car. It provides the ability to go back to making regular payments with the ability to repay any past-due amounts over a period of up to 5 years. You may also have to file a Chapter 13 bankruptcy if your income is over the allowable limit permitted under the Means Test, you have previously filed a Chapter 7 bankruptcy in the last 8 years, or your debts are primarily non-dischargeable debts such as recent tax debt or student loans. In instances without secured debts or debt owed to the United States Government, the court will consider your disposable income (or in other words, the amount you are left with monthly after your expenses) in determining your monthly payment amount. If your creditors do not timely file proof of claims with the court in regard to the debts you owe, these debts can be eliminated as well.
Chapter 13 becomes necessary in certain instances. For example, you might be facing a foreclosure, make too much money to qualify for Chapter 7, or have equity or other assists above the allowable limits. Chapter 13 will allow you to keep your assets and still be able to wipe out a good portion of debt without any further actions, threats, or fees from Creditors.
Experienced debt analysis
We truly listen to your needs and thoroughly analyze your case to determine if bankruptcy offers the most effective way to ease your financial burden. We review your debts, income, and expenses, and explain the ultimate impact bankruptcy would have on your family, business, home, and future credit. We answer all your questions about the bankruptcy process and the outcomes you should expect. Our compassionate approach to bankruptcy leaves no surprises.
Reprieve through automatic stay
Creditors’ aggressive collection methods unfairly compound the stress of escalating debt. You can put an end to the constant harassing phone calls and letters meant to intimidate you into paying debts you cannot afford. As soon as you file for bankruptcy, creditors must immediately stop collections efforts, including those distressing letters and phone calls. We then deal with your creditors so you can regain your peace of mind.
Your bankruptcy options in Colorado
The U.S. Bankruptcy Code provides relief for businesses and consumers. Each has different eligibility requirements and different advantages in particular situations. The most common forms of bankruptcy are:
- Chapter 7 bankruptcy: If you and your spouse own few assets and earn relatively low wages, Chapter 7 bankruptcy is available to provide relief from your debts through the liquidation of your assets. Because many household and personal items are exempt from bankruptcy liquidation, you can make a fresh start with limited disruption to your life.
- Chapter 11 bankruptcy: If you own a corporation, partnership or sole proprietorship, Chapter 11 bankruptcy permits your business to continue operating while you pay creditors under a reorganization plan. The Chapter 11 option helps you escape debt without losing the business you struggled so hard to build.
- Chapter 13 bankruptcy: Chapter 13 bankruptcy enables you to prevent your lender from acting on a secured debt such as foreclosing on your home or repossessing your car. It provides the ability to go back to making regular payments with the ability to repay any past-due amounts over a period of up to 5 years. You may also have to file a Chapter 13 bankruptcy if your income is over the allowable limit permitted under the Means Test, you have previously filed a Chapter 7 bankruptcy in the last 8 years, or your debts are primarily non-dischargeable debts such as recent tax debt or student loans. In instances without secured debts or debt owed to the United States Government, the court will consider your disposable income (or in other words, the amount you are left with monthly after your expenses) in determining your monthly payment amount. If your creditors do not timely file proof of claims with the court in regard to the debts you owe, these debts can be eliminated as well.
If bankruptcy is the right choice for you, we stay at your side, guiding you through the process from start to finish.
Contact the bankruptcy attorneys you can trust
Start getting relief from your overwhelming debt today! Call Masana Bankruptcy Law at 720-669-3423 or contact us online to schedule your bankruptcy consultation.