Denver, Colorado, Individual Bankruptcy Attorneys
SHARON W. GROSSENBACH Attorneys at Law
The law office of Sharon W. Grossenbach, Attorneys at Law, devotes its practice exclusively to consumer bankruptcy and is one of the most successful bankruptcy firms in the State of Colorado. Principal attorney Sharon W. Grossenbach has more than 30 years experience with consumer bankruptcy and is a board certified consumer bankruptcy specialist.
Our practice regularly assists individuals and small business owners with the preparation and filing of bankruptcy under both Chapter 7 and Chapter 13 of the bankruptcy code. Contact a Denver individual bankruptcy attorney to get started with the process.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a form of debt relief that is often described as the "fresh start" approach. Filing a Chapter 7 bankruptcy pardons people from repaying many kinds of debt. Most (but not all) unsecured debts are forgiven under Chapter 7. It allows you to keep most (if not all) your interest in personal and real property, as allowed by Colorado's state exemptions. Chapter 7 personal bankruptcy stops creditors from trying to collect on your debts and stops the harassing phone calls and letters from collectors.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy re-organizes debt, allowing you to repay all (or part) of your obligations based on your ability to pay. With Chapter 13, you normally continue to honor your secured financial commitments while paying your unsecured creditors only what you can afford, based on your income, expenses and overall financial situation. Chapter 13 repayment plans last for three to five years. Upon completion your remaining pre-petition (before filing) unsecured debt is Discharged (wiped out). A Chapter 13 allows you to catch up on secured obligations you are behind on and wish to keep (such as house and car), while still getting rid of most of your unsecured debts (such as credit cards and medical bills). If you own a home, have more than one mortgage, and the property is worth less than you owe on the first mortgage, you may be able to get rid of wholly unsecured junior liens (2nd, 3rd, Home Equity Line of Credit) under Chapter 13.
Choosing the Right Bankruptcy for You
When you decide to file for bankruptcy, it is necessary to take a bankruptcy means test. The means test is necessary if you are over the median income level for a household of your size t determine whether you can still qualify for Chapter 7, or if you might be required to file a Chapter 13 bankruptcy. The long form means test will determine whether you qualify for Chapter 7 if your household's income is above the median level for a household of your size. Qualification for Chapter 7 is based on the household income, even if only one person is filing. If your household income is under the median income level for the same size household, then qualification under the means test is automatic, and you are able to file for Chapter 7 bankruptcy.
Regardless of whether you pursue Chapter 7 or Chapter 13 bankruptcy, it is important to speak with our Denver individual bankruptcy attorneys to understand how to prepare for and file a bankruptcy, as well as how the new bankruptcy laws may affect you. We will explain the bankruptcy process in detail and will answer any questions you may have, such as:
- "Can I keep my home and car?"
- "When should I file for bankruptcy?"
- "How can bankruptcy stop foreclosure?"
Contact a bankruptcy lawyer today at Sharon W. Grossenbach, Attorneys at Law, today to start on your path towards debt relief.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
