Bankruptcy Law Firm in Durango, CO

Providing You with Experienced Legal Representation You Can Count On

Losing control of your finances is one of the most difficult things that someone can go through. It seems like no matter how hard you try you’re doomed to remain in debt and struggle to make ends meet. In some cases, you don’t even know how your financial situation grew out of control. For some, it is just the steady accumulation of bad debt over the years, like high-interest credit cards and short-term loans with unfair terms. For others, their debt situation could be the result of a few bad breaks, such as an injury that prevented them from working and left them with a mountain of hospital bills. Unfortunately, problems like this are more common than people realize. People in situations like this need help because what they are facing is too much for anyone to handle on their own.

Bankruptcy provides people with the help they need to get their finances back on track. No one should be forced to live their life under the cloud of unending debt. And despite how it is often perceived, there’s nothing wrong with filing for bankruptcy. It doesn’t make you a bad person or a failure. It makes you smart, and it means you’re a survivor. All bankruptcy is, is a tool that is designed to help people overcome overwhelming, and in many cases, unfair financial circumstances.

At Wagner Law Office, P.C., we have been a fixture in Durango and other communities throughout Colorado since 2007. We are dedicated to helping our fellow Coloradans regain control of their finances and escape the financial difficulties that are holding them back from the bright futures that await them. Our legal team knows bankruptcy law backwards and forwards, and we have years of experience successfully file Chapter 7 and Chapter 13 bankruptcy.

Considering bankruptcy? Let us help. Call us at (303) 536-5124 or contact us online. We offer free initial consultations with an experienced bankruptcy attorney in person and over the phone. We also offer payment plans. Early morning and late evening appointments available.

Dedicated Bankruptcy Services

Bankruptcy unfortunately has a bad name. Despite bankruptcy being a good thing that can help people, it is unfairly placed in a negative light, which can deter the people who would benefit the most from the help it provides from considering it as an option. As stated earlier, bankruptcy is simply a tool that people can use to fix their financial situations.

There are different types of bankruptcy depending on what a person’s financial situation is, and each style of bankruptcy has its benefits and limitations. The two most common types of bankruptcy are Chapter 7 and Chapter 13 bankruptcy.

Chapter 7

Chapter 7 bankruptcy allows a debtor to wipe away several types of unsecured debt. This can help people who are way behind on payments and do not have a means to afford monthly payments and living expenses. The downside of filing Chapter 7 is that a person may have to give up some of their possessions and having a Chapter 7 bankruptcy on your record can negatively impact your credit for several years.

Filing a Chapter 7 bankruptcy involves multiple steps. First, when you file, an automatic stay will be issued. Automatic stays prevent creditors from taking certain actions against you, such as debt collection calls, wage garnishments, repossessions, lawsuits, evictions, and foreclosures.

After you file Chapter 7, the bankruptcy court takes possession of your property, and a trustee is assigned to your case. The trustee will manage your case, including reviewing your assets and finances. In some cases, they sell your nonexempt property and use the proceeds to pay back your creditors. There is certain property that you don’t have to sell and that you get to keep. It is called exempt property.

Before your Chapter 7 bankruptcy can be discharged, you must participate in a Meeting of Creditors. Your bankruptcy trustee will run the Meeting of Creditors. You and your attorney will attend the meeting together along with any of your creditors who choose to attend. During the meeting, your trustee will question you about your assets, debts, and financial transactions. The purpose of the meeting is to assess whether all your bankruptcy paperwork was filled out accurately and to determine which of your assets, if any, are eligible for liquidation. The debtor will be under oath during the meeting and any of the debtor’s creditors are allowed to ask the debtor questions.

If the case is proceeding as it should, then a few months after the Meeting of the Creditors, the debtor should receive a discharge order from the court. Receiving the discharge order basically means that your bankruptcy worked, and your debts have been wiped out.

Chapter 13

Unlike Chapter 7 bankruptcy, which wipes out much of a person’s debt, Chapter 13 bankruptcy is more of a payment plan that enables a debtor to repay their creditors under the supervision of The United States Bankruptcy Court. Chapter 13 payment plans usually last from 36 months up to 60 months. The plans do not require that a debtor fully repay their creditors, which can save debtors quite a bit of money.

Chapter 13 payments are made directly to the bankruptcy trustee. The trustee then distributes the money to various creditors as outlined in your Chapter 13 plan and in accordance with bankruptcy laws in Colorado.

The benefits of filing Chapter 13 bankruptcy include allowing debtors to catch up on car payments and mortgage payments, enabling debtors to keep possession of property they would have lost if they filed Chapter 7 bankruptcy, and providing debtors with an affordable way to pay overdue taxes.

Foreclosure Defense

Many homeowners do not realize the benefits of hiring a foreclosure defense attorney if their home is facing foreclosure. A foreclosure defense lawyer can help homeowners and their families remain in their homes for as long as possible. In addition, homeowners that do know about the benefits of hiring a foreclosure defense attorney, are often worried about the cost, which is generally much less of an issue than they realize. If your home is facing foreclosure, here are a few reasons why you should hire a foreclosure defense lawyer:

• Losing your home is not an option. A dedicated and experienced foreclosure defense attorney will often do whatever it takes within the confines of the law to prevent you from losing your home.
• You’re an active servicemember. The Servicemembers Civil Relief Act (SCRA) provides active members of the U.S. military with special protections against foreclosure. However, this law is complex, and many lenders do not know how to properly follow it, so hiring a foreclosure defense attorney to help is wise.
• Your home has a government-backed mortgage. Homes with mortgages backed by the government sometimes qualify for foreclosure alternatives, such as loan modification programs.
• You are unaware of the many valid defenses for foreclosure. There are often valid foreclosure defenses that homeowners do not know about. For example, in some cases, the mortgage servicer made serious errors in managing the loan, which could invalidate the foreclosure.

Schedule a Free Initial Consultation with a Durango, CO Bankruptcy Lawyer

For over a decade, Wagner Law Office, P.C., has been helping clients in Durango and throughout Colorado overcome their financial challenges, including successfully guiding them through the bankruptcy process and providing homeowners with foreclosure defense services. For more information about bankruptcy in Colorado, check out our bankruptcy FAQ page. To learn more about Wagner Law Office, P.C. and how we treat our clients, read our reviews.

To schedule a free initial consultation with an experienced Durango, CO bankruptcy lawyer, give us a call at (303) 536-5124 or reach out to us online. Phone consultations and early morning and late evening appointments available. We also offer payment plans.