Bankruptcy
The Bankruptcy Code is a federal law that allows individuals and businesses to manage out-of-control debt. Bankruptcy is a common financial strategy many businesses and individuals have utilized. The lawyers at the firm of Advanced Legal Services, Inc are an invaluable resource for making sense of the labyrinthine bankruptcy codes and regulations.
Is Bankruptcy Right for You?
Our Denver bankruptcy attorneys analyze your situation to determine the proper action. Each specific case will determine the appropriate bankruptcy filing. Since there are six basic types of bankruptcy cases, we must utilize our expertise and experience to understand your financial options clearly.
Bankruptcy Discharge
It is a permanent order to protect you from any collection, legal, or communication actions from creditors. However, some debts such as student loans, back taxes due and owing for the last 3 years, domestic support payments, restitution, and traffic violations cannot be discharged. Let us help you with all the correct answers.
A bankruptcy discharge is automatically granted when no other litigation with objections to the discharge exists. Lawyers with our extensive knowledge are vital for dealing with potential objections and the lawsuits that may follow. Various debts can be discharged under each chapter, and you may still be required to repay certain debts after filing. Financial planning before, during, and after the filing process can be confusing and overwhelming. Our bankruptcy attorneys give you the essential information necessary for getting back on your feet.
Chapter 7
Chapter 7 bankruptcy is for individuals and businesses who want to discharge unsecured debt—credit card, medical, etc.— and free themselves of creditor harassment. Under Chapter 7, the debtor must submit non-exempt assets to the bankruptcy trustee for liquidation. While there are certain exempt assets that are necessary for your day-to-day living, it requires professional review to understand the assets you may or may not keep. Our bankruptcy lawyers determine qualification and clearly explain which assets may be retained.
Chapter 13
Chapter 13 bankruptcy focuses on retaining assets rather than liquidation. This is known as a “wage-earner plan”. It’s a filing for restructuring debt with federal assistance. Clients who opt for a Chapter 13 bankruptcy will work with our Denver bankruptcy attorneys to create a repayment plan lasting from three to five years. The plan must be approved by the bankruptcy court and will require direct communication with creditors. It is imperative to strictly adhere to repayment plans to avoid collection activities from creditors in the future.