At The Law Offices of Jonathan P. Shultz, we understand that filing for bankruptcy to get out of debt can be a confusing and overwhelming experience if you aren’t familiar with this area of the law. That is why our experienced and compassionate lawyers have been committed to using our extensive legal knowledge to guide our clients through each phase of the bankruptcy process since 2011.
We know that debt can be a major burden that threatens your financial stability, but with our comprehensive legal services and insightful counsel, you can feel confident that we will help explore all your options for seeking debt relief.
To discuss your situation with a bankruptcy lawyer, please call (303) 625-7995 today.
If you are considering filing for bankruptcy, reach out to our firm. We can help you determine if Chapter 7 bankruptcy is the right option for you.
Do you have little or irregular monthly income and a significant amount of unsecured debt from medical bills or credit cards? If so, filing for Chapter 7 bankruptcy may be the right move to pull yourself out of debt. No matter what your circumstances are, we will take the time to listen closely to all of your questions and provide the answers you need to take swift and effective action.
Filing for Chapter 7 bankruptcy allows debtors to discharge the following types of unsecured debts:
Chapter 13 bankruptcy may be suitable if you have a regular income. Chapter 13 bankruptcy is essentially a “reorganization” of your debts that can help you catch up on your past-due payments through a monthly repayment plan that lasts three to five years.
Under a Chapter 13 bankruptcy, you could end up repaying all your debt or only a portion of it, depending on your disposable income and the value of your personal property and non-exempt assets. Chapter 13 bankruptcy also allows you to eliminate certain debts that aren’t dischargeable in a Chapter 7 bankruptcy.
The following unsecured debts can be discharged in Chapter 13 bankruptcy:
- Credit card debt
- Medical bills
- Personal loans
- Older nonpriority income tax obligations
- Utility bills
- Most lawsuit judgments
- Debts from a property settlement agreement in divorce
- Outstanding debts from a prior bankruptcy case in which the court denied the discharge
- Retirement account loans
- Certain fines and penalties owed to the government (excluding criminal fines)
Below are answers to some of the most common questions we are asked by clients who are considering bankruptcy:
Question #1: Can I keep my vehicle?
A: Your ability to keep your vehicles in bankruptcy depends on which chapter you file. You may be able to keep your vehicles and continue paying the same amount of money each month, or even reduce the monthly payment amount. You can also surrender the car if it isn’t in your best financial interest to keep it.
Question #2: Can I save my home by filing for bankruptcy?
A: One way to stop foreclosure is by filing for bankruptcy. All collection and foreclosure actions on your home must cease once you file your bankruptcy petition and an automatic stay is issued.
Question #3: Will creditors stop calling if I file for bankruptcy?
A: One benefit of filing for bankruptcy is that the automatic stay also forces creditors to cease all collection actions and stop contacting you regarding past-due debts.
Jonathan is not about making money, but giving me the best possible advice for my situation, even if that meant not filing for bankruptcy.Thomas
Our talented legal team understands that there are a variety of events that can exhaust all your hard-earned income. People across Denver and Arapahoe County turn to The Law Offices of Jonathan P. Shultz for help with overcoming their struggles with unmanageable debt. We make it our priority to leverage our cutting-edge resources and extensive knowledge of the law to make sure you feel confident that your best interests are protected each step of the way.