Do you feel like you are drowning it debt? Have your medical or credit card bills gotten out of hand? Are you a victim or predatory lending or the collapsing housing market? Have you lost your job unexpectedly? Are you tired of dealing with harassing creditors and unpaid bills?
Filing bankruptcy isn’t an easy decision. The process may seem overwhelming and you probably have a lot of questions
- What does bankruptcy mean?
- What type of bankruptcy do I need to file?
- Do I qualify?
- How long will it take my family to recover?
- What can be discharged and what can’t be?
- Will I lose my home?
The Law firm of Folkestad Fazekas Barrick & Patoile has helped countless families achieve a fresh start by eliminating debts, while at the same time protecting as many of their assets as possible. Don’t continue struggling with astronomical debt and harassing phone calls, call us today for free consultation.
Filing Bankruptcy can
- Eliminate medical bills
- Stop Foreclosure
- Eliminate bad mortgage debt
- Protect retirement funds
- Erase credit card debt
- Stop wage garnishment
- Stop collection calls
- Prevent car repossession
Types of Bankruptcy
Chapter 7 – The most common type of consumer bankruptcy “Liquidation” or “Straight” – often the quickest way to make a fresh start and get out from under the weight of debt.
Chapter 9 – Municipal (cities, towns, school districts, etc.)
Chapter 11 – Business reorganization
Chapter 12 – Family Farms and Fisheries
Chapter 13 – Second most common type of consumer bankruptcy – a type of restructuring or partial repayment of debt plan.
Chapter 15 – International
The two most common types of Bankruptcy
Chapter 7 – Liquidation
In a Chapter 7 Filing a debtor surrenders his or her non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to the debtor’s unsecured creditors. In exchange, the debtor is entitled to a discharge of some debt.
What can be discharged – Credit cards, pay day loans, personal loans, medical bills, and just about all other bills.
What cannot be discharged – student loans, child support obligations, taxes incurred within the last three years, restitution, and criminal fines.
Chapter 13 – Restructuring/Partial Repayment
Individuals who have too much income to qualify for a Chapter 7 or who have substantial non-exempt assets usually consider Chapter 13.
In Chapter 13, the debtor retains ownership and possession of all of his or her assets, but must devote some portion of his or her future income to repaying creditors, generally over a period of three to five years. A Trustee is appointed to receive payments from the debtor and disburse them to creditors. In a Chapter 13 plan, individuals remain in possession of all of their property, exempt and non-exempt.
You are not alone
Through history many famous individuals and companies have used bankruptcy to get a fresh start before achieving greatness.
- Samuel L. Clemens (a.k.a Mark Twain)
- Walt Disney
- Henry Ford
- Ulysses S. Grant
- Merle Haggard
- Larry King
- Donald Trump (Twice)
- Milton Hershey
- Tom Petty
- P.T. Barnum
- Stan Lee
- Henry Heinz
- Trump Hotels & Casino Resorts (Twice)
- United Airlines
- Delta Airlines
- Converse, Inc.
- Paramount Studios,
- Western Union Corporation
- Kmart Corporation
Colorado Real Estate Foreclosure
Colorado Foreclosure Attorney
The Colorado legislature has made substantial changes to the foreclosure laws. Our Colorado foreclosure attorneys are familiar with these changes and have experience in guiding creditors, debtors, and lienors through the court proceedings necessitated by judicial foreclosures or through the Public Trustee foreclosure process. Our Colorado foreclosure lawyers and their teams of experienced legal staff have experience in representing lenders, lien holders, homeowners’ associations (HOA’s), governmental entities, and property owners in these proceedings, as each has differing rights and interests. Call us at 303-688-3045 to see how our legal professionals can help.