If you’ve already filed bankruptcy and now find yourself back in debt, you’re not alone. With the difficult economic times of today, it’s not uncommon for people who have previously filed bankruptcy to find themselves in financial difficulties again. A recurring question we hear at Wagner Law Office, P.C. is, Can I file a bankruptcy case again even though I have already filed in the past? Learn More.

Of course you want to know what your bankruptcy will cost you. It wouldn’t make sense if you didn’t. However, it also doesn’t make sense to quote a price over the phone or to charge a standard flat fee for every bankruptcy. At Wagner Law Office, P.C., the cost of a Chapter 7 Bankruptcy in Colorado have historically ranged from $1,000 to $3,000. Learn More.

All debts must be disclosed and included in the bankruptcy filing. Generally, you are able to retain your home and your vehicle after the bankruptcy. That is usually between you and the creditor. There are not many debts excluded from discharge in the bankruptcy but there are exceptions. Examples include child support and spousal maintenance obligation and (some) tax debt. Learn More.

When you file your a Chapter 7 Bankruptcy case in Colorado, a “snap shot” is essentially taken at that very moment and everything you own becomes property of the bankruptcy estate. This means everything… including any tax returns that are owed to you. Learn More.

There are instances in bankruptcy where a homeowner may have the ability to actually “strip” off mortgage liens on his real estate. It is rare for this to occur but if there was ever a time in history for this to happen, that time is now. There are various requirements but it basically comes down to this: (1) The debtor must file a Chapter 13 Bankruptcy (NOT a Chapter 7 Bankruptcy!) and, (2) The value of the home must be less than the amount owed on any senior liens on the property. Learn More.

When every debtor files a Chapter 7 or Chapter 13 Bankruptcy, a court order enters automatically which requires all creditors to cease their collection efforts against the debtor. What does that mean? It means that the foreclosure must be stopped. Learn More.

It is imperative to obtain good legal advice… even if you are only considering filing a Chapter 7 or Chapter 13 Bankruptcy. One of the worst mistakes a debtor can do is to make life-altering decisions before seeking legal counsel. For example, a debtor will sometimes “cash out” the retirement accounts in an effort to avoid filing a bankruptcy and thereafter, the debtor will realize that this solution did not solve the problem at all. Learn More.

The answer to this question is… it depends. In a Chapter 7 Bankruptcy, all of the debtor’s assets are considered “property of the bankruptcy estate.” The debtor will eventually get to keep the property if, (1) It is exempt under applicable state law or, in the alternative, (2) It is abandoned back to the debtor by the bankruptcy trustee. Learn More.