Filing for bankruptcy is not quite as easy as it used to be, if you are under the impression that you can just sign some papers and have all of your debt cleared you may be in for a rude awakening. The government has made it quite a bit more difficult to file for bankruptcy after it was deemed that many too many people had been taking advantage of the system to have their debt absolved.
In order to find out if you are eligible, or even a good candidate for bankruptcy you should schedule a preliminary meeting with your choice among the numerous Denver bankruptcy lawyers. Any of the Denver bankruptcy attorneys listed will be able to answer any and all questions that you may have interpreting the law changes of filing for bankruptcy and how they may or may not affect your unique financial situation.
The government wants people to be held more accountable for the debt that they have piled up, so even though you may have at one time been a good candidate for having your debt absolved, you may now only be eligible to have your debt restructured and still held responsible for paying much of it back to your creditors.
Depending upon your particular situation, your Denver bankruptcy attorneys might inform you that, as part of your bankruptcy case, you will be required to satisfactorily complete both a credit evaluation before your case is heard and credit counseling once your claim has been filed. The credit counseling requirement was put in place to help educate people on understanding the particulars of successful personal finance. The government does not want people getting thousands and thousands of dollars of debt absolved only to begin building up more once the bankruptcy has been completed.
If the new bankruptcy laws have precluded you from filing, a preliminary meeting with a Denver bankruptcy attorney won’t have been a waste of your time. Many good bankruptcy attorneys will not only explain why you aren’t a good candidate, they’ll give you a variety of alternatives that may help you sort out your financial woes.
If you’ve already decided that bankruptcy is the only way out of your financial difficulties and you’ve scheduled an appointment with Denver bankruptcy attorneys, you are going to need to bring information with you that your attorney will need to appropriately file your bankruptcy petition. With sweeping reforms to the Bankruptcy Code that were signed into law in 2005, the bankruptcy court system even more closely inspects petitions than before the reforms. In order to make things easier for you, your Denver bankruptcy attorneys and their staff, be sure to collect and bring with you to your first appointment the following items:
· W-2s or other proof of wages, such as 1099s for the last three years.
· Tax returns for the past three years.
· Bank statements for the last year.
· Most recent bills from every creditor. EVERY CREDITOR. Leave no one out, no matter the reason!
· All correspondence from creditors, including threatening letters.
· All of YOUR correspondence with creditors.
· Most recent payment stubs for vehicle loans, student loans, etc.
· Most recent credit card bills with most up to date balances possible.
· Any other bills from the previous year.
· Copies of your divorce decree, child support papers or any other court orders that demand payment from you.
· Copies of any previous bankruptcy filings.
· Files from any previous attorneys.
· All insurance policies. This includes life, health, car, etc.
· Your mortgage documents and any documentation for second mortgages or line of credit or equity loans.
· Any other promissory notes you have signed.
· Copies of your lease or rental agreement.
· Documentation relating to any investments or stock portfolio.
· All vehicle titles, including boats, RVs, etc.
· Cancelled checks for any other debt you cannot categorize.
· Any documentation relating to any one owing you money. This includes things like royalties, rent monies payable, residuals for intellectual properties, etc.
· Documentation relating to any lawsuits that have been served on you.
· Evidence of any agreements with the IRS for taxes in arrears.
· If you are in arrears on student loans, include any information that may affect your being able to discharge these debts including disabilities.
· Any documentation relating to how you got in this predicament in the first place such as layoff notices, proof of disability, death certificate for a spouse, child or other family member that involved you financially.
· A list of your major assets and their current value.
By having all this information carefully organized, you are helping your attorney to more quickly compose and file your bankruptcy petition and help you move on with your new life. Your Denver bankruptcy attorneys can help you with further information or questions.
There are a lot of questions to be answered when it comes to filing for bankruptcy: which type should I file – Chapter 7 or Chapter 13?; will I get to keep my house, my car and my belongings?; will the bill collectors stop calling me?; how long will my credit be affected?… The list can go on and on and if you do not have the necessary help you may never get the right answers to some of these questions.
The first thing to do if you want to find out if filing a bankruptcy is the right decision for you is to schedule a meeting with one of the best Denver bankruptcy lawyers. Choose from the Denver bankruptcy attorneys that have a great reputation in the community as well as a lot of history working with bankruptcies.
Any of the reputable Denver bankruptcy attorneys will be able to gauge your situation very quickly and advise the proper course for you to take on the road to a healthier financial future. They will be able to tell you which type of personal bankruptcy your situation would best fall into – Chapter 7, which is the liquidation of your assets in order to pay off your debt or Chapter 13, which requires the restructuring of your debt to satisfy creditors.
You may be a good candidate for Chapter 7 if you have very little in the way of property or very little equity in your home and if the money that you bring home doesn’t even meet your regular necessary expenses each month (like rent and grocery bills). This form of bankruptcy is generally much quicker, but you’ll very likely lose most if not all of your belongings aside from those necessary for survival.
Your Denver bankruptcy attorney may recommend Chapter 13 bankruptcy if you have a fair amount of equity in your home and if you have a job that pays you enough to meet most of your monthly obligations to the point that you are mainly falling behind on unsecured debt like credit cards. This type of bankruptcy won’t discharge your debt, you will still need to make a monthly payment but it will be to a bankruptcy trustee who will redistribute it to your creditors. The payoff time for Chapter 13 bankruptcies is often between three and five years, but you will most likely be able to keep all of your belongings so for many, this is the bankruptcy of choice.
Your particular situation may have many more subtle factors that determine a more clear cut choice, but a good Denver bankruptcy attorney will most certainly be able to steer you in the right direction and help you back on the road to good credit.
Filing for bankruptcy in nothing less than a life altering experience, going into the un-chartered territory of filing for bankruptcy can present a very scary scenario if you don’t have the right guidance from the best possible people. That’s why selecting the right Denver bankruptcy attorney is crucial for your piece of mind and sanity as you try to navigate your way back onto the right course to financial stability.
So many questions will go through your mind as you prepare to make the decision of whether to file or not, and there are probably many necessary questions that won’t even come to mind, and that is where a qualified Denver bankruptcy attorney will come into play.
There is no shortage of highly qualified Denver bankruptcy attorneys who will be able to guide you through this difficult and potentially frightening experience and have you comfortable and confident as you get closer to regaining your financial security. A good Denver bankruptcy attorney will be able to help you determine whether filing for bankruptcy is truly the best decision in your particular financial situation – they will be able to discuss the different filing options and describe in detail the steps that you will have to take to get back on the right track. You may be surprised to find that many of the best bankruptcy lawyers in Denver will actually steer you away from filing in many situations if the bankruptcy will potentially hurt you more than it could help.
What type of personal bankruptcy is right for you Chapter 7 or Chapter 13, are you even a candidate for having your debt wiped away or does your income and or your personal assets only make you eligible for a restructure of your debt? These are the type of questions that only a qualified bankruptcy lawyer will be able to answer.
If you are in a difficult spot with your finances, if you are receiving threatening phone calls from creditors and collection agencies and are in fear of what may happen if you don’t get some help the best possible thing for you to do is to schedule an appointment with any of the highly regarded Denver bankruptcy attorneys in your neighborhood so you can begin to get the help and direction you need with regards to your financial future.
When the US Congress made sweeping changes to the US Bankruptcy Code in 2005, one of the new requirements was mandatory credit counseling for potential filers. With personal debt spiraling out of control and bankruptcy rates closely following, Congress hoped that counseling may avert some bankruptcies but, at the least, it would educate those who actually file bankruptcy and possibly prevent another filing in years to come. Unfortunately, with the creation of the need for credit counselors, many unscrupulous agencies came forth. Legitimate agencies function as a go-between between you and your creditors, offer advice on credit management and guidance on budgeting. Others, not so legitimate, are usually interested only in your money. A bankruptcy attorney in Denver can help you find a legitimate credit counseling agency to fulfil the counseling requirement.
Many of these “less than legitimate” agencies actually produce very few results. And not cheaply. Up front money is one of their standard operating modes and can be more than $1500 in some cases. Then, once they have your money in their hands, they vanish, leaving behind only an empty store front or unanswered calls.
So, what are some of the warning signs that that advertisement you are holding for a credit counseling company is probably not in your best interest?
1. If it sounds too good to be true, it probably is. An old adage, but very true here. Beware of miraculous cures and unreasonable sounding promises.
2. No up front fees. No reputable company will ask for fees up front. The first consultation should always be free and other visits a small, monthly fee.
3. Do your homework. Before engaging an agency on your behalf, check with the Better Business Bureau or your state’s consumer advocate office. Any reported conflicts should have been resolved satisfactorily and in a reasonable amount of time.
4. Beware of high fees. Any high fee or other requested payment that seems unreasonable probably is. No reputable agency should ask for any payment other than the agreed upon monthly fee.
5. Confirm payments with creditors. Some counseling agencies want customers to send in a lump sum monthly that will be divided among creditors. Give those creditors a call on your own to verify that they did indeed receive payments.
What is the best way to find a legitimate agency?
The National Foundation for Credit Counseling’s website offers many sources of advice and articles on credit counseling and how to choose an agency. A Denver bankruptcy advocate can also supply you with a list.
Non-profit agencies are always the best choices. There are reputable for-profit organizations as well, but weeding out the bad from the good may be more difficult. A really good agency will offer education as well as counseling, debt consolidation and mediation. After all, once the debts are fulfilled, you will want to know you have the knowledge and tools to move on successfully.
Carefully read any agreement from your chosen company. All terms of the agreement should be plainly set forth including any fees, services to be provided, payment terms, total cost, the length of time required for results, any guarantees offered and the business’s name and address.
And remember, if it sounds too good to be true, it probably is. A Denver bankruptcy attorney can answer any further questions for you.
Are you tired of getting threatening calls and letters from creditors and collection agencies every day? Has a creditor or collector crossed the line and made comments that were offensive and hurtful to you or another member of your household? Do you feel as though the calls have gone way beyond what would be considered harassment?
You can put an immediate end to threatening and harassing calls from creditors by getting in contact with the one of the many well regarded bankruptcy attorneys in Denver. All it takes is for you to schedule an appointment and have a meeting with a Denver bankruptcy attorney, the attorney will then send out notification to all creditors and collection agencies that you have taken the proper steps and begun the process of filing for bankruptcy and at that point all creditors and collection agencies must immediately cease and desist in any and all contact with you regarding any financial matter.
Your Denver bankruptcy attorney will go over your records and paperwork and help you decide exactly what path is appropriate for your situation. Once the decision that filing for bankruptcy is your best option is made and the determination to file either Chapter 7 or Chapter 13, the next step can be taken and many of your headaches can be put to rest.
Once your paperwork is properly filed by one of the Denver bankruptcy advocates with your local bankruptcy court, a trustee is appointed and an “automatic stay” will be entered. This “automatic stay” will not only help in stopping all of the threatening and harassing calls and letters that you have been receiving, but it will prevent any action at all from your creditors. Once your Denver bankruptcy attorneys get the proverbial ball rolling, any and all contact by creditors will have to be through him or her: you will receive no bills, you can’t have legal action taken against you by creditors, your personal belongings and property cannot be seized by creditors or collectors, your wages cannot be garnished and your property can’t be foreclosed upon. Any and all action from creditors and financial institutions against you will be put on hold.
Once you have begun a working relationship with a Denver bankruptcy attorney, the headaches from the harassment will stop and you can comfortably begin to get your financial life back together without being fearful of action being taken against you
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