Bankruptcy Lawyer in Denver
Debtor Representation in all Forms of Bankruptcy Cases
As bankruptcy lawyers in Denver, we know just how crippling money problems can be. Our goal at Skeen & Skeen, P.C. is to help you take control of your money problems and find creative, effective solutions to improve your well-being and quality of life. Filing for bankruptcy in Denver can be a very effective tool to achieve this goal. Our firm takes on all kinds of debtor cases, from the simplest Chapter 7 to complex Chapter 11 business reorganizations. Debtors who come to see us naturally have many questions and we consider it our job to give you the information you need to make the right decisions.
Should I file bankruptcy? Bankruptcy is a very good solution for a particular kind of problem: unmanageable debt. However, to achieve successful results the conditions must be right for positive post-bankruptcy outcomes. Bankruptcy is a good solution for debt problems, but it does not do much to help income problems. For individuals, the best time to file bankruptcy is when you’ve hit financial bottom and things are finally going your way again. For example, you have finally landed a well-paying job, but now the creditors have started to garnish wages. If debt is stopping you from moving forward, Skeen & Skeen can help you remove some of those obstacles.
What kind of bankruptcy should I file? In 2005, congress revised the bankruptcy code, making it harder for higher income individuals to file for Chapter 7. Skeen & Skeen can help you determine if you qualify for Chapter 7 or whether you would need to file a Chapter 13 repayment plan. Some debtors choose to file Chapter 13 for other reasons, such as, to protect the equity in a house or other asset, or to get rid of certain kinds of debts that are not dischargeable in Chapter 7. Whether you need to file Chapter 7 or Chapter 13, Skeen and Skeen can help you make that decision and file your case for you.
Should my business file bankruptcy? For business debtors with little prospect of rehabilitation, often the right thing to do is simply wind-up the company. Business debtors do not receive a discharge, so it rarely makes sense for a business to file Chapter 7 in order to liquidate. As is the case with individuals, the best time for a bankruptcy is when the business is on the verge of taking off, but there are certain creditors who are threatening to clip its wings. These creditors can be forced to the table through a Chapter 11 filing and, if a credible plan is proposed, be brought on board a reorganization that will benefit everyone in the long run.
How do I file bankruptcy? Once we determine what kind of bankruptcy would best serve your needs, we will have to gather a lot of information about you. “What do you have?”, and “who do you owe?” are the main questions that a bankruptcy petition is trying to answer. One of the secrets to filing a successful debtor case is to take the time to do it right, to answer every question in a thorough and detailed manner. If the court can see that a debtor took the time to do a good job with the schedules, it is much more likely to help a debtor get the requested relief. On the other hand, if a court or the trustee thinks the debtor did not take the job seriously, or worse, is trying to hide something, a case can go south very quickly.
Who is the trustee? In individual Chapter 7 or Chapter 13 cases, a trustee is appointed to administer the case. His job is to review the debtor’s schedules, interview the debtor under oath, and determine if assets can be collected and sold to pay off any unsecured creditors. Generally a debtor who is represented by an attorney has very little contact with the trustee outside of one mandatory meeting, known as a “meeting of creditors.” Skeen & Skeen has lots of experience dealing with trustees and will prepare you for this meeting so that everything goes as smoothly as possible.
Will I lose everything if I file bankruptcy? No. Each state has a list of exempt property that you are allowed to keep. This generally includes vehicles up to a certain value, some equity in your primary residence, clothes, some jewelry, house hold goods, and retirement funds. Skeen & Skeen can help you determine what exemptions you can claim and advise you on how to handle non-exempt property without running afoul of the bankruptcy laws.
Will bankruptcy hurt my credit? Yes. But not forever. Chances are, if you are in a situation where bankruptcy is the right thing to do, your credit should be a secondary concern to getting back on the path to financial stability.
We are sure that you have other questions not addressed here, and every debtor is unique. Contact us today at 720.443.4458 to schedule an initial consultation and we can sit down to look at your specific circumstances and answer your questions face-to-face.