Best Bankruptcy Lawyers in Lakewood

About Bankruptcy Law in Lakewood, United States

Bankruptcy law in Lakewood, United States, provides a legal framework for individuals and businesses that find themselves unable to pay their debts. This structured process can give debtors a fresh start by relieving them of certain debts while enabling creditors to receive some payment. Lakewood follows federal bankruptcy laws, primarily codified in Title 11 of the United States Code, which governs various types of bankruptcies including Chapter 7, Chapter 11, and Chapter 13. These filings take place in U.S. Bankruptcy Court, and the specifics can vary based on individual circumstances.

Why You May Need a Lawyer

There are numerous situations where an individual or business in Lakewood may require legal help with bankruptcy. Handling bankruptcy without a lawyer can be risky due to the complexities involved. Common scenarios include:

• Mounting unsecured debt that is unmanageable.
• Facing foreclosure on a home or other real estate properties.
• Businesses struggling with significant debt that threatens operations.
• Needing a thorough understanding of eligible debt discharge under different bankruptcy chapters.
• Improper filing that could lead to dismissal of the case.
• Reaching repayment agreements with creditors.
• Ensuring asset protection where applicable.

Local Laws Overview

Understanding local laws is essential for anyone considering filing for bankruptcy in Lakewood. While bankruptcy laws are federal, certain state exemptions may apply. In Lakewood, Colorado state laws can influence the outcome of a bankruptcy filing, especially regarding property exemptions. For instance, Colorado's homestead exemption can provide protection for home equity to a certain limit, and there are specific personal property exemptions as well. Local courts may have particular procedural requirements, emphasizing the need for proper legal guidance.

Frequently Asked Questions

What types of bankruptcy are available to individuals in Lakewood?

Individuals typically file under Chapter 7 or Chapter 13 bankruptcy. Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 allows for restructuring debt and creating a repayment plan.

Can I keep my house if I file for bankruptcy in Lakewood?

It's possible to retain your home depending on the type of bankruptcy filed and your ability to continue making payments. Chapter 13 may provide more opportunities to protect your home.

How does filing for bankruptcy affect my credit in Lakewood?

Bankruptcy will have a significant negative impact on your credit score and can remain on your credit report for up to 10 years. However, rebuilding credit is possible with time and financial discipline.

Do I qualify for Chapter 7 bankruptcy?

Eligibility for Chapter 7 bankruptcy involves meeting a means test, which compares your income to the median income in Colorado. If your income is below the median, you may qualify.

What debts can be discharged through bankruptcy?

Dischargeable debts often include credit card debts, medical bills, and personal loans, while most student loans, certain taxes, and child support obligations are typically non-dischargeable.

Can a business file for bankruptcy in Lakewood?

Yes, businesses can file for bankruptcy, often under Chapter 11, which allows them to reorganize and attempt to become profitable again while repaying creditors over time.

What is an automatic stay in bankruptcy?

An automatic stay halts most collection activities, lawsuits, and foreclosure actions against the debtor once a bankruptcy petition is filed in court.

How do I start the bankruptcy process in Lakewood?

The process begins with gathering financial documents, consulting with a qualified bankruptcy attorney, and filing a petition with the bankruptcy court.

Are there alternatives to filing bankruptcy that I should consider?

Alternatives may include debt consolidation, negotiating directly with creditors, credit counseling, or entering into a debt management plan.

How does filing bankruptcy affect co-signers on any of my debts?

Co-signers may still be liable for debts discharged through the primary debtor's bankruptcy, depending on the circumstances and the type of bankruptcy filed.

Additional Resources

Several resources can be helpful for those seeking legal advice on bankruptcy in Lakewood:

• The United States Bankruptcy Court for the District of Colorado: For filing procedures and court locations.
• Colorado Bar Association: Provides information on finding a licensed bankruptcy attorney.
• U.S. Trustee Program: Offers guides and information on bankruptcy proceedings.
• Local credit counseling agencies: These can help you understand your financial options.

Next Steps

If you are considering bankruptcy and need legal assistance, the first step is to consult with a qualified bankruptcy attorney who can guide you through the process. Gather your financial documents, including debts, income, and assets, to prepare for your consultation. Additionally, consider reaching out to a local credit counseling agency for initial guidance on managing debt. Remember, understanding your options and receiving professional legal advice is crucial to making informed decisions about your financial future.