Best Bankruptcy & Debt Lawyers in Lakewood

About Bankruptcy & Debt Law in Lakewood, United States

Bankruptcy and debt law in Lakewood, United States, provides a legal framework for individuals and businesses struggling with overwhelming financial obligations. Bankruptcy offers a chance to eliminate or reorganize debts while ensuring fair treatment of creditors. The two most common forms of bankruptcy for individuals are Chapter 7, which involves liquidation of assets, and Chapter 13, which involves a repayment plan. Lakewood, like other jurisdictions, adheres to federal bankruptcy laws but may have additional local rules and resources that can influence proceedings. Understanding these nuances can be crucial for anyone considering bankruptcy or dealing with significant debt issues.

Why You May Need a Lawyer

There are various situations where consulting a lawyer for bankruptcy and debt is advisable, including:

• Facing foreclosure on your home and looking for ways to save it through bankruptcy or loan modification.
• Dealing with relentless calls and harassment from creditors and seeking legal protection from such actions.
• Being sued by creditors and needing defensive strategies to protect assets and negotiate settlements.
• Navigating complex bankruptcy filings to ensure all paperwork is completed accurately and deadlines are met.
• Negotiating payment plans and settlements with creditors to avoid the consequences of bankruptcy.
• Exploring the implications of bankruptcy on your long-term financial health and seeking alternatives.

Local Laws Overview

Lakewood, as part of Colorado, follows federal bankruptcy laws, but it may have specific provisions affecting bankruptcy and debt relief. Key aspects include:

• Exemption laws that dictate which assets you can protect from creditors when filing for bankruptcy.
• Requirements for credit counseling prior to filing for bankruptcy to ensure debtors are informed about alternatives.
• State-specific rules for the dischargeable debts and the debts that remain after bankruptcy.
• Local court procedures and guidelines that may affect the timeline and process of bankruptcy filings.

Frequently Asked Questions

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy involves liquidating non-exempt assets to pay off creditors, whereas Chapter 13 allows individuals to reorganize their debt and create a repayment plan over three to five years while retaining their assets.

Will bankruptcy stop creditors from contacting me?

Yes, once you file for bankruptcy, an automatic stay is put in place, which stops most creditors from contacting you, attempting to collect debts, or pursuing lawsuits related to your debts.

Can all types of debts be discharged in bankruptcy?

Not all debts can be discharged. Common dischargeable debts include credit card bills and medical bills, while alimony, child support, most student loans, and certain taxes may not be discharged.

How will bankruptcy affect my credit score?

Bankruptcy will likely have a significant negative impact on your credit score; however, it also provides a fresh start by discharging your debts, which can eventually lead to improved credit as you rebuild.

Can I keep my house if I file for bankruptcy?

Whether you can keep your house depends on the amount of equity, type of bankruptcy, and state exemption laws. In Chapter 13, you often can keep your home if you maintain payments under the plan.

How long does a bankruptcy stay on my credit report?

A Chapter 7 bankruptcy can remain on your credit report for up to 10 years, while a Chapter 13 bankruptcy can remain for up to 7 years from the date of filing.

Do I have to include all my debts in a bankruptcy filing?

Yes, you must include all your debts in your bankruptcy petition; selectively omitting creditors is not allowed and can lead to complications in your case.

What property can I keep if I file for bankruptcy?

Property you can keep depends on federal and state exemption laws, which protect certain assets from liquidation. Typical exemptions include some home equity, personal items, and a certain value of vehicles.

Do I need credit counseling before filing for bankruptcy?

Yes, federal law requires individuals to complete credit counseling from an approved agency within 180 days before filing for bankruptcy.

Can I file for bankruptcy without a lawyer?

While it's possible to file for bankruptcy "pro se" (without an attorney), it is highly recommended to seek legal advice to navigate the complex process and protect your assets effectively.

Additional Resources

Several resources can provide assistance and information for those navigating bankruptcy and debt issues in Lakewood:

• U.S. Bankruptcy Court for the District of Colorado: Offers forms, rules, and procedural guidelines.
• Colorado Legal Services: Provides legal assistance and guidance to qualifying individuals facing financial difficulties.
• Credit Counseling Agencies: Local agencies approved by the U.S. Trustee Program can assist with pre-bankruptcy counseling and debtor education courses.
• City of Lakewood Resources: May offer local financial help seminars or community workshops about managing debt.

Next Steps

If you need legal assistance with bankruptcy and debt issues, consider the following steps:

• Consult with a bankruptcy attorney in Lakewood to discuss your specific situation and explore options.
• Gather and organize your financial documentation, such as income, expenses, assets, and liabilities, to prepare for consultation.
• Attend credit counseling through an accredited provider to fulfill legal requirements and explore alternatives.
• Research and prepare questions to ask your attorney regarding the impact and process of filing for bankruptcy.
• Consider your long-term financial goals and the implications of bankruptcy on future credit, employment, and asset acquisition.

By taking these steps, individuals can better navigate the complex landscape of bankruptcy and debt, ultimately leading to more informed financial decisions.