from the comfort of yourown home, completely digital/online.

Simply put, an exemption is a law that protects your property in a bankruptcy. Property that's exempt can't be sold for the benefit of your unsecured creditors.  Basically, bankruptcy exemptions level the playing field so that getting a fresh start doesn’t require you to start from scratch. Some examples of Colorado state bankruptcy exemptions include:

• Up to $7,500 for a motor vehicle exemption. (This increases to $12,500 if the filer is elderly or disabled, $15,000 if the filer is married, and up to $30,000 if the filer uses the vehicle for work)
• Up to $50,000 for livestock and tools
• Up to $3,000 in household goods including furniture
• Up to $2,500 in jewelry
• All health aids and medical equipment are 100% exemptions

The primary difference between unsecure and secure debt is the presence or absence of collateral. Unsecured debt has no collateral backing and can include

• Medical Bills
• Credit Card Bills
• Utility Bills

Secured debt uses some form of property as collateral for the loan. Some examples of secure debt are

• Home mortgages
• Auto loans

All unsecured debt, including medical bills and credit card obligations, are almost always entirely wiped out when you file for Chapter 7 bankruptcy.

If you file for Chapter 13 bankruptcy, all debt collection from overbearing creditors is stopped, and you are given a time frame (usually between 3 to 5 years) to pay off all debts. Once that court-appointed time frame is over, and you’ve made all of your payments, the debts are erased.

Credit card companies and debt collection agencies can garnish your wages if they have a court judgment. Other types of creditors, including federal, state, or municipal taxing authorities, federal student loan servicers, and creditors for domestic support obligations such as child support or alimony don’t require a court judgment for garnishing, as there are different limits and rules for these types of creditors.

Once you file for bankruptcy, all wage garnishment is ceased, under what is called an automatic stay.

If you’re tired of hearing your phone ring off the hook from debt collectors and credit companies, an automatic stay will change your life. As soon as you file for bankruptcy in Denver, the automatic stay injunction immediately triggers, which prevents collectors from contacting you about your debts as well as temporarily halting some debt collection processes such as

• Foreclosure- An automatic stay will keep foreclosure proceedings on hold for as long as your bankruptcy case is open.
• Eviction- Stays can be helpful for tenants experiencing eviction, however, the landlord can request the stay be lifted while the bankruptcy filing is still active.
• Utility Disconnections- An automatic stay won’t erase what you owe in unpaid utility bills, but it can keep your utilities from getting shut off for a period of time
• Wage Garnishment- A stay can protect you from having your wages garnished. If the debt that prompted your wage garnishment is wiped out in bankruptcy, filing for bankruptcy could stop the garnishment permanently.

Sometimes, if you tell a friend or neighbor that you’re considering filing for bankruptcy, they may tell you to go ahead and max out your credit cards, because all of that debt is just going to get wiped out when you file for bankruptcy anyway, right?

Wrong.

If the credit card company can prove that you used your credit cards fraudulently, the court can order the debt not discharged, and you will have to pay it back. Additionally, as the credit card company has lent you money based on your promise to repay it, and you had no intention of repaying it, you may also incur criminal fraud charges on top of having to repay all of the debt.

In 2005 Colorado passed the Bankruptcy Act which requires all individuals who file bankruptcy to undergo credit counseling within six months before filing for bankruptcy relief. Additionally, after filing for bankruptcy you are required to complete a financial management instructional course.

If you’ve been having trouble making payments on time, or at all, you may have noticed your credit score taking a dip, or even a dive.  Or maybe you finally broke down and answered one of those dozens of calls a debt collector has been harassing you with, and they scared you into believing that if you file for bankruptcy you’ll ruin your credit forever.

Never trust a debt collector to give you accurate financial advice.

Allowing continual negative marks to be recorded on your credit report can be worse for your credit than filing for bankruptcy. Bankruptcy is recorded as a public record on your credit report for no more than 10 years and by using credit wisely after filing bankruptcy you can quickly re-establish a good credit score shortly after filing.

Additionally, filing for bankruptcy may even cause a rise in your credit score. That is due to large amounts of debt being discharged at once. On average, people restore their credit rankings to good standing within 1.5 to 3 years.

Bankruptcy laws were written to help people like you get a fresh, dignified start, which wouldn’t be possible if filing for bankruptcy negatively impacted your life forever.

The short answer is, yes, you can. This is called filing pro se. However, the old adage of “just because you can, doesn’t mean you should” definitely comes into play here. Managing debt and considering filing for bankruptcy is an extremely stressful situation. Consider hiring an experienced and knowledgeable Denver bankruptcy lawyer to help shoulder the burden. We know you've worked hard your whole life and we want to help you get back on your feet. These are just a few ways we can help you if you're considering declaring bankruptcy:

• Determine whether Chapter 7 or Chapter 13 Bankruptcy is best for you
• Assess whether you owe money on exempt, nonexempt, real, or personal property
• Make sure all paperwork is filled out accurately
• Submit paperwork according to Colorado District Bankruptcy Court’s strict deadlines

Start you on your path to rebuilding your credit score

If you are ready to file for bankruptcy, either you or your Denver bankruptcy lawyer will need to file a two-page petition and several other forms at the Colorado District Bankruptcy Court. Located in downtown Denver between the North Capitol Hill and Five Points neighborhoods, the Colorado Bankruptcy Court serves as the court for all bankruptcy filings in the state of Colorado.

Also known as the Mile High City, Denver is both a city and a county, as well as the most populous city in Colorado. The city also happens to hold the honor of being the center of the Front Range Urban Corridor, nestled between the Rocky Mountains and the High Plains. This unique location subjects the denizens and visitors of Denver to sudden changes in weather. Temperatures can reach up to 100 degrees during the summer and plummet to -10 degrees on the coldest days of winter, earning Denver the 18th spot on the list of coldest major cities in the U.S. as of 2014.

Colorado, and Denver specifically, is a popular destination for people looking for an outdoor adventure. Thanks to its prime location at the base of the Rocky Mountains, Denver offers ample sport for visitors or residents looking to camp, ski, hike, or kayak. If you prefer to spectate over participate, Denver is home to a handful of professional sports teams, including the Broncos (NFL), Nuggets (NBA), Rockies (MLB), Avalanche (NHL), and Rapids (MLS).

You don’t have to tackle the mountain of bills and letters from debt collectors alone. Hire an experienced Colorado bankruptcy attorney whose goal is to hit your debt out of the park. We will help you put debt collectors in the penalty box and set you up to slam-dunk your way to financial freedom.

The decision to file for bankruptcy is not a decision that most people anticipate making in their lives. Even though millions of people have successfully used bankruptcy as a tool for debt relief, there are still many myths and incorrect assumptions that dissuade some people from filing. When clients come to us, they are usually distressed and panicking that they are about to lose their home, their car, and their possessions. You should not feel embarrassed about taking back control of your future. You have rights under the law, including the right to take action to get rid of debt, protect your property and restore your financial health.

Filing for bankruptcy can be complicated. Choosing the right lawyer should be simple. Learn more about your debt relief options by speaking with one of our experienced Colorado bankruptcy attorneys about the advantages and disadvantages of bankruptcy. We offer a free consultation to understand your concerns, examine your financial status and recommend a course of action. Don’t let debt have an extreme hold on your life. Reach out to our Denver Bankruptcy Lawyers today.