Bankruptcy Attorney Denver » Bankruptcy Myths

Vehicles and Bankruptcy (Can I Keep my Car?)

jesse — Wed, 10 Jun 2009 15:30:45 +0000

Vehicles and Bankruptcy

It is a common fear that a bankruptcy will cause the loss of all vehicles, disrupting both work and family life. It is also a common belief that you may only keep one vehicle per person in a bankruptcy. This is not correct. Property you may keep in a bankruptcy is set by statute and is clearly defined in the CRS. The number of vehicles you may keep is immaterial, it is the actual dollar amount that is important. This amount is determined by whether you are filing jointly or single and whether or not you qualify for the work based exemption. For people that are sixty years of age or older the amount goes up as well. An experienced bankruptcy attorney will advise you as to your rights and allow you to keep the maximum amount of property.

I’m an Honest Person, Isn’t Bankruptcy Cheating?

jesse — Mon, 08 Jun 2009 22:08:42 +0000

Many clients feel guilty if they need to file for bankruptcy because they feel like they are cheating other people of a real debt. In Colorado, bankruptcy laws are written to give an individual or a family a “fresh start.” This “fresh start” is not as simple as calling up a buddy and having them tell you not to worry about it. We do have to satisfy a judge that your financial situation is so grievious there isn’t any other legitimate options. When it is ruled that you have too much of a financial burden to reasonably expect you to ever pay off your debts, it is ruled to give you a fresh start. If you sucessfully file, then it means your wages cannot be garnished, you can’t be harassed. Esssentially, your creditors must leave you alone. It does not mean you are not allowed to pay them money if you want to out of your own free will if you get an inheritance from Bill Gates in the next few years. You are just removed from your legal obligation to pay creditors who have a legitimate claim for repayment.

Filing for bankruptcy is more often about the means to pay than the desire to do so. Most people would pay all their bills off today if they had the means. What we do is help protect you from harassment and garnishments which further increase your devastation and make life challenging.

Questions — Ask an Attorney!

jesse — Sat, 30 May 2009 16:27:27 +0000

Bankruptcy is a confusing time in someone’s life. Not only are there the emotional issues of feeling like a failure, there is the legal issues that have to be addressed. This is not something that should be done alone. We are here to help, but there are other good lawyers in Denver too. You just need to find someone you feel comfortable working with beccause your financial future is at stake. We take this responsibility seriously and want you to feel like you are walking into a friends office. Maybe at times this friend will need to give you a kick in the butt, however, our ultimate goal is to help you be free of the worries and headaches that brought you to this site in the first place. Please call our office for a no obligation free consultation.

Bankruptcy Myth #1 — Bankruptcy Fraud is Only for People With Lots of Assets

jesse — Sat, 30 May 2009 16:12:41 +0000

If you are considering filing for bankruptcy either under Chaper 7 or Chapter 13, you certainly have some things you aren’t going to want to lose. Maybe it is the expensive plasma TV or maybe it is the car you just paid off. There is a temptation to try to figure out how to hide assets because you want to keep stuff you have worked hard for. Now, as a lawyer, I have to try and help you not make poor decisions for your life. If you start hiding assets, you can end up going to jail. How? Basically, when we put together documents for your bankruptcy, you must disclose by law all of your assets. If you hide these assets, you can be found guilty of perjury! Is the plasma TV really worth going to jail for?

What are some ways you can be found guilty of fraud? Here are the basic ways people get into trouble.

Concealing assets

Fraudulent claims

Destroying paperwork

Concealing paperwork

Distribution Arrangements (like, Larry, here’s my TV, give it back after this bankruptcy deal is over)

Conflicts of interest

False Statements of Declarations

Bankruptcy is not always what you have to choose in straining financial situations. You can also legally renegotiate debts and still have a chance to keep that cool TV. What we are wanting to do is to warn you of the legal dangers of fraud. You don’t have to have once been a millionaire for people to look closely. You need to make sure that whatever you do, you have the honesty and integrity to work within the legal system set up to protect you in these difficult times. Your creditors don’t want to lose what you owe just as much as you don’t want to lose all your stuff. You don’t always lose “everything” anyway… If you work with our firm, we will do our best to make sure you are in the best financial position possible after all is said and done. In order to get to this point we will need your full cooperation and honesty to help you as much as possible.

Please call our office for a free consultation!