Bankruptcy is a complicated legal process and unfortunately what seem to be simple legal questions cannot be answered accurately and competently without being provided with all the information regarding the case. Each case and client is unique with their own debts, assets and financial history. This is why so many people, including lawyers, hire lawyers to represent them in bankruptcy cases. We strongly suggest that anyone who is involved in any type of legal situation hire qualified and experienced legal counsel to protect your interest.
With that said, below are common questions regarding bankruptcy, along with answers that apply to the majority of cases we handle. As you read the questions and answers below, it’s very important to remember:
The below material is intended only to provide general guideline information, and should not be construed as legal advice. The only way to fully understand how the law applies to your situation is to take the time to discuss it with us in detail. We will take whatever time is needed and we can do this by phone for your convenience or you may come to our office.
What is bankruptcy? Bankruptcy is a legal process which allows a person who cannot satisfy their debts to obtain relief and receive a fresh start. This process is your legal right.
Can I file bankruptcy without a lawyer? Yes, you can. But the bankruptcy laws are now so complex that the vast majority of cases filed without a lawyer fail. A case that is dismissed, even for purely technical reasons, can reduce your options to eliminate your debt. Further, the attorney fees in re-filed cases are generally higher. In short, it’s saves you money, is less stressful, and a smart decision to have a lawyer do it right the first time.
How much does it cost to file bankruptcy? Chapter 7 court filing fees in Colorado are $335.00 and Chapter 13 court filing fees in Colorado are $ 310.00. This does not include attorneys’ fees paid to our office, which are determined after an assessment of each client’s circumstances. Our fees are very competitive and payment plans are available. As for attorney fees, they vary based upon the nature of the case. They are explained up front, and there are no hidden charges. In a Chapter 7, you can refer your creditors to us while you make payments. In a Chapter 13, part of your fees, in cases that qualify, can be part of your re-organization plan.
How do I know if it’s the right time to file bankruptcy? If you have reached a point where you are only making minimum monthly payments on credit cards and other bills you will notice that your balances are not going down. You may have collection accounts, lawsuits and even companies threatening to garnish your wages. Don’t wait! If you find you are in a financial situation that you cannot reasonably see a way out of, then bankruptcy is a good option for you. So many people struggle trying to make their payments, all the while still damaging their credit history and throwing good money after bad. When clients come to us we first review all the assets and finances thoroughly. We then begin our pre-filing plan to protect all assets. We also make a determination if there is an option for our client to achieve debt relief without filing bankruptcy. If filing is the best course of action, we proceed. We always advise our clients that life is too short to live with the pressure and uncertainty of bill collectors, lawsuits and wage garnishments harassing them day and night ruining their quality of life. We can help! You can’t go up until you get even and become debt free! We will be with you all the way and handle everything.
Who will find out if I file for bankruptcy? Millions of good people have found their selves in the same situation as you – regular every day individuals, families, celebrities and even high profile companies. It is public record; however, it is a pretty much private unless someone is searching for information. Usually only the people you choose to tell will know and we recommend you don’t tell anyone. Seriously, it does not change the fact that you are a good person.
What if I filed for bankruptcy in the past? Many people that have filed in the past still have options. The experienced lawyers at Allstate Law Center will review the details of the previous filing and advise you on the options you have to resolve your situation. You may be able to file again depending on how much time has passed. We will find a way to help you.