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.

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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. 

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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.

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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.

Learn More About Chapter 7 Bankruptcy


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.

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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. 

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Frequently Asked Questions About Filing for Bankruptcy

Here is a series of questions carefully answered by Mark and Gail Wink, Denver bankruptcy attorneys of Wink & Wink. These questions are some of the most commonly asked during our consultations, and we hope they will be helpful to you.

There is no shame in filing for bankruptcy! Bankruptcy not only provides cost-effective debt relief, but can help set you on a path toward a strong financial future.

While some people want to avoid what they perceive as the stigma of bankruptcy, our  bankruptcy lawyers will help you focus on the most cost-effective solution. 

Remember: it is possible to achieve a 700+ credit score within 24 months and be eligible for a mortgage within two to three years of filing.

Begin our online consultation form to take the next step forward.

Chapter 7 Bankruptcy

  • Most commonly filed form of bankruptcy
  • Usually called “liquidation” bankruptcy
  • Over quickly, often within five to six months
  • To qualify you must pass a “means test”
    (you have income lower than the median income for your household size in your state)
  • You will keep all exempt property
  • Non-exempt property can be liquidated for creditors

Wink & Wink, Denver’s bankruptcy lawyers, can help minimize non-exempt property when filing for bankruptcy under Chapter 7.


Chapter 13 Bankruptcy

  • Often called “payment plan” bankruptcy
  • Filed by people who earn too much money to qualify for Chapter 7
  • You repay some portion of your debt based on a “long-form means test”
    (certain deductions are taken off your household income, and the end result is how much you will pay)
  • Debt must be repaid over a five-year period
  • You pay back a percentage of your debt without interest or creditors harassing you
  • The rest of your debt is discharged at the end of five years

Filing for bankruptcy under Chapter 13 can allow you to strip off a second mortgage, lower the interest rate on vehicle loans and “cram down” (lower and stretch out the payments on) tax liens on your personal property. 

Chapter 13 can also help protect your non-exempt property from liquidation. As you can see, legal help is often required in the case of Chapter 7 and 13 bankruptcy filings. Hiring a Denver bankruptcy attorney like our team Wink & Wink can clarify the process and make it much more manageable when you’re under stress.

Yes. Our bankruptcy lawyers have provided the following resource to help you understand these reasons.

People who are eligible for Chapter 7 bankruptcy choose to file Chapter 13 in the following situations:

  • You owe debts not dischargeable in Chapter 7
    (for example, taxes, child support, student loans, and fraud judgments)
  • You have a second mortgage that you’re able to remove or “strip off” in Chapter 13
  • You are behind on house payments, want to keep the property, and use the repayment period to get current on the loan (“cure the arrears”)
  • Your assets are worth more than the available exemptions, and you want to protect them by paying their non-exempt value over three to five years without fear of liquidation
  • You filed a prior Chapter 7 bankruptcy within the last eight years and are therefore locked from filing another Chapter 7 bankruptcy

(You can file for bankruptcy under Chapter 13, four years after a previous Chapter 7, based on the filing date of the first case).

If you have further questions, you can schedule a free consultation with Wink & Wink, experienced bankruptcy lawyers in Denver.


Schedule a Free Consultation with Wink & Wink, Your Denver Bankruptcy Lawyers

Our team of bankruptcy attorneys are here to educate you on the reasons why filing for bankruptcy under Chapter 7 or Chapter 13 would be the best possible resolution to your debt circumstances. 

Wink & Wink can represent your case, and ensure the best possible outcome. Schedule a free consultation below to take the next step forward for your debt resolution needs.