All of Your Bankruptcy Questions Answered by Wink & Wink, Denver Bankruptcy Lawyers
Our team of Denver bankruptcy lawyers at Wink & Wink represent consumers and small business owners who are in need of a debt relief solution that may otherwise seem impossible to solve.
Many of our clients are unsure what direction to go in next, so we’ve provided this information to help you understand what filing for bankruptcy is and whether it could be your solution. We also offer a free consultation to help clarify your questions and concerns.
Bankruptcy Basics from Denver Bankruptcy Lawyers Wink & Wink
Bankruptcy is a legal process that allows you to get out of certain types of debt. The majority of people who file for bankruptcy keep everything they own and pay little to nothing to creditors in the process.
While bankruptcy will show up on your credit history for 10 years, it clears your debt and enables you to start rebuilding your credit score quickly.
It is possible to achieve a 700+ credit score within the first 24 months and be eligible for a mortgage within two to three years of filing.
How to Determine if Filing for Bankruptcy is Your Solution
While everyone’s circumstances are different, here are some common characteristics among those who file for bankruptcy:
- You are in danger of foreclosing on your home
- You have large debts you cannot repay
- Bill collectors are intensifying their threats to sue
For additional clarity, Wink & Wink’s bankruptcy attorneys can help you determine whether filing for bankruptcy would be the best solution for your debt circumstances.
Experienced with serving clients in Denver, our bankruptcy lawyers can provide strategic legal counsel for your debt situation right away.
Two Types of Bankruptcy: Chapter 7 and Chapter 13
Chapter 7 Basics
Sometimes referred to as “straight” bankruptcy, Chapter 7 can provide you with debt relief from unsecured debts (debts that don’t have a tangible security behind them like a car loan or mortgage).
Chapter 7 can help you reset your finances if you’re behind on your bills and can no longer afford monthly payments and living costs.
Filing for bankruptcy under Chapter 7 places a temporary stay on your debt so creditors will stop collecting from you, garnishing your wages, repossessing or foreclosing on your property, turning off your utilities, or evicting you.
Chapter 13 Basics
Chapter 13 Bankruptcy is sometimes called a “reorganization” bankruptcy.
This type of bankruptcy requires you to pay back a portion of your debt, but allows you to discharge the rest of your unsecured debts, like credit cards and medical bills.
When you file for Chapter 13 bankruptcy, your property is not sold, especially if you successfully complete a court-mandated repayment plan. The amount you’ll need to repay depends on your income, assets, and total debts.
Wink & Wink, a team of expert bankruptcy attorneys in Denver, can help you determine whether filing for bankruptcy under Chapter 13 is the best solution for your circumstances.
Can a Small Business File for Bankruptcy?
Yes. Small business bankruptcy helps your business eliminate or pay back debt through liquidation or reorganization.
Depending on how you’ve structured your business, you can file for either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Our bankruptcy attorneys can help you determine the best course of action
Wink & Wink, a team of highly-strategic bankruptcy lawyers in Denver, understand that according to the U.S. Small Business Administration, between 2005 and 2017, only about one-fifth of new businesses survived more than one year.
Let us help you more forward as a business, beginning with a free consultation.