Denver Home Foreclosures – Know Your Rights
Loss of your job, medical bills and the bumps along life’s path can lead to serious economic hardship. Unfortunately, this is somewhat common throughout the Denver metro area and the entire state of Colorado. But when it happens to you, it’s extremely stressful, especially if you’re facing foreclosure of your home.
Have faith: you don’t have to lose your home. The state of Colorado has laws in place that will allow you to “catch your breath,” as they say. It’s called Chapter 13 bankruptcy.
Chapter 13 bankruptcy isn’t right for everyone, but it might be right for you. It might help you save your home.
Chapter 13 Bankruptcy is the “Catch Your Breath” Provision of Colorado Law
A chapter 13 bankruptcy filing can help you stop creditor calls, wage garnishments, vehicle repossessions, and of course, home foreclosure. In certain cases, you can use Chapter 13 to eliminate a second mortgage entirely.
Chapter 13 spreads your bills out over time, at a payment you can afford. This allows you to “catch your breath” as you pay off your debts. You can keep your home, stop harassing phone calls from creditors, and possibly wipe out some debts altogether, such as a second mortgage, medical expenses or even certain credit card debts.
Chapter 7 Bankruptcy is the “Fresh Start” Provision of Colorado Law
If Chapter 13 bankruptcy won’t work for you, we may discuss a Chapter 7 bankruptcy as a legal alternative. Unlike Chapter 13, where you’re paying off most of your debts, a Chapter 7 bankruptcy allows you to eliminate your debts. It also allows you to make payments to certain creditors if you choose.
With Chapter 7, almost all of your debts except taxes owed to the IRS, student loan debt and child support can be erased. This is why Chapter 7 is known as Colorado’s “fresh start” bankruptcy option.
Can Chapter 13 or Chapter 7 Bankruptcy Help You?
In order to determine whether a Chapter 13 or Chapter 7 bankruptcy can help you get a fresh start, we need to meet. We need to discuss your entire financial situation, including your debts, your payment history, your employment and other details.
This will require some work on your part as well as mine. You will need to gather a complete list of all of your debts, creditor contact information, wage statements, the recent two years’ tax returns and recent pay stubs. Once you have all of this ready, I can get to work on your case.
The sooner you get started, the better. Call me at (720) 605-4347 or click here to schedule a FREE consultation with me. I’ll look at your situation and help you determine your best course of action.