Nov 21

Converting an Aurora Chapter 13 Bankruptcy to Chapter 7 Bankruptcy | Affordable Bankruptcy Lawyer

Learn more about converting a Littleton, Aurora, Centennial Chapter 13 bankruptcy to Chapter 7 bankruptcy.

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In some bankruptcy cases in Aurora, you may have to or wish to convert your Chapter 13 bankruptcy to a Chapter 7 bankruptcy. There are several reasons why this conversion could take place, and it is always wise to consult the best bankruptcy lawyer to be sure you understand every part of the conversion process. Additionally, you need a bankruptcy attorney to make sure you qualify for a Chapter 7 bankruptcy and to inform you of what will happen in a new Chapter 7 bankruptcy filing.

Why Convert a Chapter 13 Bankruptcy to Chapter 7 Bankruptcy in Littleton?

In Littleton, there may be several reasons you would like to or need to convert a Chapter 13 bankruptcy to a Chapter 7. These reasons can include that you can no longer afford your Chapter 13 bankruptcy plan payments, or that you initially filed Chapter 13 bankruptcy to keep certain property but you no longer want that property. For example, you may no longer wish to keep your home or car. You are eligible to convert your Chapter 13 bankruptcy to a Chapter 7 bankruptcy as long as you have not received a bankruptcy discharge within 8 years.

Qualifying for a Centennial Chapter 7 Bankruptcy: What to Expect in a New Chapter 7 Bankruptcy Filing

If you choose to convert a Chapter 13 bankruptcy to a Chapter 7, you may need to take the means test. A means test determines whether your income qualifies you to file a Chapter 7 bankruptcy. If you originally filed a Chapter 13 because you did not pass the means test, your financial situation may have significantly changed so you can pass the means test now. If you qualify for converting a Chapter 13 to a Chapter 7, you will have to attend a new creditor’s meeting (341 hearing). You must also file additional information and fix certain bankruptcy schedules, to show the court your financial situation has changed. If you wish to/have to convert to a Chapter 7 because you can no longer afford the plan payments, the bankruptcy court will have to see proof of this. For other reasons you may choose to convert to a Chapter 7, you may need to file a Statement of Intention bankruptcy form to communicate how you plan to handle secured debt. As you can see, there is much to be considered before converting to a Chapter 7 bankruptcy, so always consult a knowledgeable bankruptcy lawyer Barry Arrington for assistance.

Lone Tree Chapter 7 and Chapter 13 Bankruptcy Lawyer: Call Barry Arrington Today

Converting a Chapter 13 bankruptcy to a Chapter 7 bankruptcy can be confusing and time-consuming. To better understand whether you can convert your Chapter 13 bankruptcy case to a Chapter 7, and to know what to expect if you qualify for a Chapter 7 bankruptcy, call bankruptcy lawyer Barry Arrington today. Barry will sit down with you in a free initial consultation, discuss your financial situation in more detail and develop a plan for you going forward.

If you are considering converting your Chapter 13 bankruptcy to Chapter 7 bankruptcy in Colorado, consult affordable bankruptcy attorney Barry Arrington. Call Barry at 303-205-7870. Or, submit the “Get Help Now” form to begin your journey towards financial freedom.

Nov 17

Littleton Bankruptcy Lawyer | Can a Bankruptcy Discharge be Revoked?

A bankruptcy discharge can be revoked in certain situations. Read more about them here.

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When a Chapter 7 or Chapter 13 bankruptcy case is closed in Littleton or Denver, the Bankruptcy Court will issue a discharge order. As long as the petitioner has complied with every step of the process and any objections have been addressed, a discharge will be entered. Once your debt is discharged, you no longer need to repay the debt. This is a final order, meaning it is considered permanent and creditors can not come back and collect any debt that has been discharged. However, though it doesn’t happen often, a bankruptcy discharge can be revoked.

Centennial Bankruptcy Discharge Revoked Due to Bankruptcy Fraud

If a creditor or bankruptcy trustee finds that the petitioner was not honest or deliberately left out information, they can ask the court to revoke the bankruptcy discharge due to bankruptcy fraud. When the request is made, the Centennial debtor will be notified and can request a hearing to present their case to the judge. If no hearing is requested, the judge will review the request and determine whether or not to revoke the discharge.

Consequences for Bankruptcy Discharge Revocation in Aurora

If a judge chooses to revoke a bankruptcy discharge, it’s like the bankruptcy was never filed. All the debts are reinstated and the debtor will be responsible for paying them back. Also, the debtor can never file another bankruptcy petition to wipe out those debts. On top of that, bankruptcy fraud is a federal offense that can carry severe consequences like prison time and fines. Having an experienced bankruptcy attorney walk you through the bankruptcy process can reduce your chances of having your bankruptcy discharge revoked. As long as you are honest with your Aurora bankruptcy lawyer, you can be successful in eliminating your debt.

If you are in need of debt relief, bankruptcy may be the best option for you. Contact the best bankruptcy attorney Barry Arrington at 303-205-7870 to schedule your free initial consultation and begin your journey toward financial freedom.

Nov 14

Aurora Debt Relief Attorney | Working Out a Settlement with Creditors

You can work with creditors and debt collectors to agree to a settlement. Read some tips to get this done and feel some debt relief.

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Often, when people are facing serious debt issues in Aurora and Denver, the calls from debt collectors and creditors can become overwhelming. It may be your first instinct to ignore the calls, but this does not help solve the issue. Instead, it can just make things worse. Before drastic steps are taken like wage garnishment or lawsuits, you may be able to negotiate with the creditors, in essence to keep the wolves at bay. This can help alleviate some of the financial stress you are feeling. Even after working out a deal with the creditors, you still may want to consider bankruptcy in order to have the weight completely lifted off your shoulders.

Steps to Working Out a Settlement with a Centennial Debt Collector

  1. Be honest about your situation: Tell the creditor or debt collector about why you are unable to pay off the bill and how you ended up in a financially difficult situation. Maybe you lost your job or had a medical issue arise that affected your finances. No matter the case, be honest and consistent.
  2. Stay calm and collected: Regardless of what the creditor says, make sure you stay calm. You won’t get anywhere if you lose your temper and get loud or use foul language.
  3. Take notes: Make sure that you keep notes about what you discussed with the debt collector. Note the name of the person you spoke with and the day and time you spoke. You want to have detailed records of your conversations.
  4. Save any documentation: When you get mail from the creditor, make sure you read it and keep it for your records.
  5. Research and calculate: Before discussing a settlement, make sure you have done your calculations, so you know how much you can afford to pay. You don’t want to agree to an amount, only to later realize it doesn’t work with your budget.
  6. Ask for the deal in writing: After you have come to an agreement, make sure you get something in writing before you begin to make any payments. You never want to put yourself in a position where you are fighting for something that has already been offered to you, because you have no proof.

If you are getting calls from creditors and debt collectors, it may be time to consider some real debt relief solutions, like bankruptcy. Call Littleton, Aurora, and Centennial bankruptcy attorney Barry Arrington at 303-205-7870 to schedule your free consultation and begin your journey towards financial freedom.

Nov 10

Centennial Bankruptcy Lawyer | Questions to Ask a Bankruptcy Attorney During an Initial Consultation

Read this blog to find out four important questions you should ask a bankruptcy attorney during your initial consultation.

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Often, when a bankruptcy lawyer meets with potential Centennial clients during their initial consultation meeting, people considering bankruptcy are overwhelmed by their financial situation. While it is my job to discuss how bankruptcy law can help relieve some of this burden, it’s important that you make the most out of the meeting by asking the right questions. Below is a list of questions you should ask when meeting with a bankruptcy attorney for the first time, to make sure you have all the information you need.  Everyone should make an informed decision about who to hire to help them reach financial freedom.

4 Questions to Ask an Aurora Bankruptcy Attorney

1. What are the requirements to file for bankruptcy?

This is not a simple question. It is not just a matter of whether you have debt and if it can be discharged. There are many other factors at play. Maybe you have previously filed a bankruptcy and it’s too soon to file another. Or perhaps a Chapter 7 bankruptcy is not a possibility because you do not pass the means test, but a Chapter 13 bankruptcy would work. In other cases, we can advise you why other options would be better than bankruptcy.

2. Is there another debt relief option that would work better for me?

Just because you can file for bankruptcy, doesn’t mean it’s always the best option. You need to discuss your financial goals. When a bankruptcy attorney knows their client’s current income needs, expenses, debt and financial goals, they can better assess which debt relief option will be best. Often, bankruptcy is the best option – but not always.

3. Do you have experience with debt cases like mine?

Everyone’s financial situations are different, but an experienced bankruptcy attorney will be able to reference similar cases they have dealt with and the resolutions reached. It’s important you know your attorney’s background. A jack-of-all-trades attorney who practices multiple types of law may have years of legal experience, but not with bankruptcy.  You should learn what percentage of a lawyer’s experience has been dealing with debt relief.

4. What are the most difficult parts of filing for bankruptcy?

It’s important that you have realistic expectations from the beginning. You may not be able to discharge all your debt, and you need to know what you may still owe even after a bankruptcy discharge. We will use all legal options available to classify your debt into dischargeable categories, but there are always potential roadblocks.  We can prepare you for all likely roadblocks in advance, so you are prepared for the journey.

If you are ready to take the first step toward financial freedom, contact Denver and Aurora attorney Barry Arrington at 303-205-7870 to schedule your free initial consultation.  Learn how an expert bankruptcy attorney answers your tough questions, and what ideas we have for your financial future.

Nov 07

Can I Keep My Home in a Littleton Chapter 7 Bankruptcy? Homestead Exemption in Colorado

If you are wondering if you can keep your home after filing a Chapter 7 bankruptcy in Littleton, you’ve come to the right place. Whether you will be able to keep your home or house after filing a Chapter 7 bankruptcy depends on the value of your home and how much you will be able to exempt under bankruptcy law.

Keep Your Home in Chapter 7 Bankruptcy in Aurora | Home Equity Amounts Matter

When you file a Chapter 7 bankruptcy in Aurora, you will list all of your assets. Some assets will be listed as exempt, while others will be listed as nonexempt. In a Chapter 7 bankruptcy, the bankruptcy trustee assigned to your case may sell your nonexempt property to pay your creditors. Fortunately, it may be possible to exempt equity in your home so you can protect it. Under C.R.S. 38-41-201, there is a Homestead Exemption which protects a certain amount of equity in your home. Below are the amounts of home equity you will be able to exempt in your home if you file bankruptcy in Colorado:

  • Every homestead in the state of Colorado shall be exempt from execution and attachment arising from any debt, contract, or civil obligation not exceeding in actual cash value in excess of any liens or encumbrances on the homesteaded property in existence at the time of any levy of execution thereon:(a) The sum of seventy-five thousand dollars if the homestead is occupied as a home by an owner thereof or an owner’s family; or(b) The sum of one hundred five thousand dollars if the homestead is occupied as a home by an elderly or disabled owner, an elderly or disabled spouse of an owner, or an elderly or disabled dependent of an owner.

For example, let’s say you are buying a home which has a market value of $230,000. If you owe the lender $190,000, that means you have $40,000 in equity, which is below the homestead exemption amount. In other words, your equity will be protected and you will be able to keep your home. Even if all of your home equity is not protected by the Homestead Exemption, there may still be options available to you, so you should always meet with a reputable bankruptcy lawyer to learn more.

Parker Chapter 7 Bankruptcy Attorney Barry Arrington: Call Today

If you are considering filing a Chapter 7 bankruptcy and have more questions about whether you can keep your home, consult Parker Christian bankruptcy lawyer Barry Arrington right away. Barry has the knowledge and skills necessary to help you regain your financial freedom.

If you are considering filing a Chapter 7 bankruptcy in Colorado and want to keep your home, contact experienced bankruptcy attorney Barry Arrington for a free consultation at 303-205-7870. He will give you a good perspective on the benefits of filing, and the best path towards financial freedom.

Nov 03

Centennial Chapter 7 Bankruptcy Lawyer | Chapter 7 Bankruptcy Timeline

Learn about the Chapter 7 bankruptcy timeline and what complications can arise that may extend the timeline.

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While, generally, a Denver or Centennial Chapter 7 bankruptcy takes 3 to 6 months, the amount of time it takes to get your debt discharge will vary depending on the amount of assets you have and the involvement of your creditors. Let’s take a closer look at the Chapter 7 bankruptcy timeline and the various roadblocks that can make your bankruptcy proceedings extended beyond the 6 months.

Aurora Chapter 7 Bankruptcy Process: Chapter 7 Bankruptcy Timeline

Officially, your Aurora Chapter 7 bankruptcy begins when you file your petition with the Bankruptcy courts. This is not, however, the first step you will take in your bankruptcy journey. Prior to filing, you must take a credit counselling class and complete a financial statement that proves you pass the means test and are eligible for a Chapter 7 bankruptcy. Both these things are obviously a time commitment, but can be down at your own pace. After the Chapter 7 bankruptcy petition is accepted by the court, a meeting with the bankruptcy trustee will be scheduled. As long as there are no complications, the discharge process will begin, which usually takes a few months to complete.

Complications in Littleton Chapter 7 Bankruptcy: What Slows Down the Bankruptcy Process?

While we wish that all Chapter 7 bankruptcy cases went as smoothly as the timeline allows, there are often complications that arise, which can extend the timeline. Some common complications include:

  • Creditors object to the Chapter 7 bankruptcy discharge – After your bankruptcy petition is filed, your creditors are notified that you are attempting to discharge your debt. Within a certain timeframe, a creditor may object to the bankruptcy discharge. If an objection is filed, the creditor must provide grounds for the objection and an investigation will ensue. As the trustee or courts look into the claims, the bankruptcy process is put on hold, extending out the timeline.
  • Accusations of bankruptcy fraud – If someone is accused of hiding, giving away, or concealing assets, this can be a form of bankruptcy fraud. Any accusations of this nature are taken seriously and until fully investigated, no progress on the Chapter 7 bankruptcy will occur.

If you think that filing a Chapter 7 bankruptcy may be right for you, make sure you have Barry Arrington on your side to get the process started quickly and address any possible complications. Call 303-205-7870 to schedule you free consultation and find out how the best Chapter 7 bankruptcy lawyer can help you begin your journey toward financial freedom.

Oct 31

Aurora Bankruptcy and Debt Relief Attorney | When to Save and When to Pay Down Debt

Read more about when you should be saving and when you should pay down debt. Call us if you are looking for debt relief options.

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When people are facing debt in Aurora and Denver, it’s often tricky for them to decide what to do when they receive a tax refund, inheritance, bonus from work or any other significant amount of money. Should the money be used to pay down debt or should it be put away in savings? Let’s look at some different scenarios and how you can benefit most from your influx of funds.

Paying Debt in Centennial Instead of Saving Money

While it is always a good idea to have some money in your Centennial savings account, there are times when it is most beneficial to pay down your debts. If you are:

  • Dealing with debts that carry high interest rates- The longer you carry a debt with a high interest rate, the more you are going to have to pay in the end. So, for debts with high interest rates, it’s best you pay them off as quickly as possible.
  • Close to paying off a debt- If using the newly acquired money will eliminate one of your debts, then it’s a smart move to just pay it off. This will not only reduce your monthly costs, it will also improve your credit score.

While it’s important to be smart with your money, using it to pay down your debt may just put a small dent in a very large problem. If you are carrying overwhelming debt, Chapter 7 or Chapter 13 bankruptcy may be a good option for you.

Saving Your Money Instead of Paying Off Debt in Denver

Saving money is a very important part of managing your income and even controlling your debt. Unless you specifically are dealing with one of the situations above, then saving your new sum of money is a good idea if:

  • You have no savings – If you only have a minimal or even no money saved, it can be very problematic if a major need surfaces. Say a tree in your yard falls into your house during a storm and insurance doesn’t cover all the damages. With a savings account as a back-up, these emergency situations can be just a little less devastating, especially to your financial situation.
  • You have an upcoming expense to plan for – If you know that not too long down the road you are going to be needing money for an expense, then having that money in savings is very beneficial.

If you are in debt and wondering about your options, contact the best bankruptcy and debt relief attorney Barry Arrington at 303-205-7870 to begin your journey to financial freedom.

Oct 27

Automatic Stay and Tax Liens in Aurora Bankruptcy

Learn more about tax liens in a Colorado Chapter 7 or Chapter 13 bankruptcy.

When you file a Chapter 7 or Chapter 13 bankruptcy in Aurora, an automatic stay will go into effect. When an automatic stay is in effect, it means creditors will not be able to contact you about your debt. However, if you have a tax lien on your property, the automatic stay may not protect your assets.

Tax Lien in Littleton: What is a Tax Lien?

In Littleton, a tax lien is a lien which is placed on your property by the state government or the IRS if you have failed to pay taxes owed. In some cases, when a tax lien is on your property, the government or IRS can seize the property and sell it to receive what is owed to them. In other cases, they may garnish wages, or levy bank accounts.

Does the Automatic Stay Apply to Tax Liens in Centennial?

In Centennial, an automatic stay will not apply to tax liens if the lien is due after you complete your Chapter 7 or Chapter 13 bankruptcy. The automatic stay also will not apply to a lien for taxes which cannot be discharged in bankruptcy.

Discharge Tax Debt in Parker: Is it Possible?

Most tax debt cannot be discharged. But, there are some circumstances in Parker where you may be able to discharge tax debt. Some of these circumstances are if your taxes are income taxes, no fraud or tax evasion was involved, you filed a tax return at least two years before filing bankruptcy, and the IRS assessed your tax debt at least 240 days before filing bankruptcy in Colorado.

Tax Debt Bankruptcy Lawyer in Greenwood Village: Call Today

Tax debt, tax liens and the automatic stay in a Greenwood Village bankruptcy can all be very confusing. It is imperative you consult an experienced bankruptcy lawyer who can talk with you about how your tax liens or tax debt will be handled in your bankruptcy, and what you can expect when you file. You are entitled to full debt relief, so you should always consult a knowledgeable bankruptcy lawyer to discuss your financial situation and needs in full detail.

If you have questions about tax liens, tax debt or the automatic stay in a Chapter 7 or Chapter 13 bankruptcy in Colorado, contact bankruptcy attorney Barry Arrington for a free initial consultation. Contact him at 303-205-7870. Or, submit the “Get Help Now” form to begin your journey towards financial freedom.

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Oct 25

Denver Chapter 7 and Chapter 13 Bankruptcy Lawyer | Avoiding Bankruptcy Fraud

It's important to be vigilant when filing Chapter 7 or Chapter 13 bankruptcy petitions to avoid bankruptcy fraud.

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When it comes to defrauding the federal courts, there are serious consequences. Even celebrities are not immune to bankruptcy fraud proceedings. Most recently, Abby Lee Miller, of Dance Moms, was sentenced to prison for not listing all her assets in her bankruptcy petition. Reality start Teresa Guidice, of Real Housewives of New Jersey, spent 15 months in prison for the same offense – failing to disclose cars and recreational vehicles in her bankruptcy filings. The Denver bankruptcy court takes any attempts to mislead or lie very seriously and the consequences can be far worse than the debt you are dealing with. So, let’s discuss how to make sure you avoid bankruptcy fraud in Denver.

Reasons to Charge Bankruptcy Fraud in Centennial and Greenwood Village

Often, people think that there is no way a court will find out that they didn’t list a certain asset. Yet creditors research assets of a debtor. Sometimes they believe they can just give some of their things away to friends and family before filling out the paperwork sip listing the asset. Both these scenarios can land you in hot water. Some other ways a person can get charged with bankruptcy fraud:

  1. Racking up debt just before filing for Chapter 7 or Chapter 13 bankruptcy – While it may be tempting to use up any remaining open lines of credit, accumulating $600 or more of debt within a three-month window before filing for bankruptcy in Centennial can be seen as fraudulent and may not be dischargeable.
  2. Providing false information on a court filing – Any type of misinformation on an official court document can be considered fraud. This can be viewed as intentionally omitting information or outright lying, but either way it can keep you from getting your bankruptcy discharge and may result in criminal charges in Greenwood Village.

Aurora Chapter 7 or Chapter 13 Bankruptcy Protection

The best thing you can do to protect yourself from an intentional or unintentional mistake that could lead to bankruptcy fraud is to hire a knowledgeable Aurora bankruptcy attorney to walk you through the process. An expert attorney with many years of experience knows the right questions to ask and the documents needed to verify information to make sure your bankruptcy petition is accurate. Don’t risk out on debt relief or criminal ramifications.

If you are considering filing Chapter 7 or Chapter 13 bankruptcy, contact the best bankruptcy attorney Barry Arrington at 303-205-7870 or submit the ‘Get Help Now’ form to begin your journey towards financial freedom.

Oct 20

Bankruptcy Trustees in Centennial, Colorado: Duties of Bankruptcy Trustee

Learn more about the duties of a bankruptcy trustee in Colorado.

When you file a Chapter 7 or Chapter 13 bankruptcy in Centennial or any other part of Colorado, a trustee is assigned to your bankruptcy case. A bankruptcy trustee’s duties vary depending on the type of bankruptcy case you file and the situations of debtors and their creditors.

Trustee Duties in Littleton, Colorado

The following duties are for the bankruptcy trustee assigned to your bankruptcy case, according to 11 U.S. Code, Section 704(a):

(1) Collect and reduce to money the property of the estate for which such trustee serves, and close such estate as expeditiously as is compatible with the best interests of parties in interest;

(2) Be accountable for all property received;

(3) Ensure that the debtor shall perform his intention as specified in section 521(a)(2)(B) of this title;

(4) Investigate the financial affairs of the debtor;

(5) If a purpose would be served, examine proofs of claims and object to the allowance of any claim that is improper;

(6) If advisable, oppose the discharge of the debtor;

(7) Unless the court orders otherwise, furnish such information concerning the estate and the estate’s administration as is requested by a party in interest;

(8) If the business of the debtor is authorized to be operated, file with the court, with the United States trustee, and with any governmental unit charged with responsibility for collection or determination of any tax arising out of such operation, periodic reports and summaries of the operation of such business, including a statement of receipts and disbursements, and such other information as the United States trustee or the court requires;

(9) Make a final report and file a final account of the administration of the estate with the court and with the United States trustee;

(10) If with respect to the debtor there is a claim for a domestic support obligation, provide the applicable notice specified in subsection (c);

(11) If, at the time of the commencement of the case, the debtor (or any entity designated by the debtor) served as the administrator (as defined in section 3 of the Employee Retirement Income Security Act of 1974) of an employee benefit plan, continue to perform the obligations required of the administrator; and

(12) Use all reasonable and best efforts to transfer patients from a health care business that is in the process of being closed to an appropriate health care business that—

  • (A) Is in the vicinity of the health care business that is closing;
  • (B) Provides the patient with services that are substantially similar to those provided by the health care business that is in the process of being closed; and
  • (C) Maintains a reasonable quality of care.

In both a Chapter 7 and Chapter 13 bankruptcy, trustees have a lot of involvement, many duties and they affect much of how your bankruptcy process goes.

 

 

If you would like more information about the roles of a bankruptcy trustee in Colorado, or information about Chapter 7 and Chapter 13 bankruptcy, contact bankruptcy attorney Barry Arrington for a free initial consultation. Contact him today at 303-205-7870.

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