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A Parker CO Bankruptcy Attorney Will Caution You About Mistakes Not To Make

There are numerous laws that govern the bankruptcy process. There are also some common sense decisions to make, and mistakes to keep from making. Borrowing to get out of debt is never a good idea. If you borrow from family for instance, and you wind up in bankruptcy court anyway, you will have to pay off your creditors before you can pay back your loan.

Don’t dip into your retirement fund to avoid filing for bankruptcy. It will cost you in penalty fees, and you may be able to protect your savings under the law, with the help of your Parker CO bankruptcy attorney

When you know that you are heading for bankruptcy, stop making payments to your creditors – it’s a waste of the money that you do have, since it’s just a drop in the bucket compared to what you owe.

The best step that you can take is to put yourself in the capable hands of a Parker Co bankruptcy attorney. Bankruptcy law is a special interest field at Parker Lawyers. Call 303-841-9525 to get a professional opinion of your financial situation.

A Parker CO Bankruptcy Attorney Can tell You That Bankruptcy Is Not A Magic Eraser

Some debt can never be discharged under bankruptcy law, no matter what chapter you file under. Any existing, or overdue child support payments will not be forgiven. Alimony, and government tax debt are also on the list.

Student loans can be a real burden, but unless you can prove that the debt is an “undue hardship,” a Parker CO bankruptcy attorney will advise you that a bankruptcy court will not dismiss it.

If a creditor has put a lien on your property, meaning that he has filed with county or state agencies, making your debt public knowledge, that debt becomes secured. A bankruptcy court can discharge the debt, but not the creditor’s privilege to foreclose, although this is rarely done, since any mortgage on the property must be paid off before the creditor can be repaid.

Your Parker CO bankruptcy attorney can tell you what debts you can, and cannot expect to be excused from. Every case is different, and you will need the expert advice from a Parker Lawyers representative. Call them @ 303-841-9525.

Your Parker CO Bankruptcy Attorney Is Knowledgeable On The Changing Laws

When you file for bankruptcy, your creditors are put on hold. That is, they are restricted by law from trying to contact you in any way. But, secured creditors are in a fairly good position. A Parker CO bankruptcy attorney will tell you that the secured creditor will always take precedence over the unsecured, when it comes to getting paid, under bankruptcy law.

A secured creditor is one who has an original agreement, or has placed a lien on a property in dispute, giving them the right of possession if a debt is not resolved. Under chapter 13, a debtor must either give up the property, or pay the debt outright , or under reorganization. Even if a debt has been discharged in bankruptcy, a secured creditor may be entitled to payment.

Your Parker CO bankruptcy attorney can deal with all complications. Bankruptcy laws are subject to change, and stipulations are set aside, or introduced all the time. Trust the knowledge, and background experience of the Parker Lawyers, call 303-841-9525.

A Parker CO Bankruptcy Attorney Can Help You Through The Phases

Colorado bankruptcy laws have been established to help you keep most, or at least some, of your assets. There are exceptions, which your Parker CO bankruptcy attorney can explain to you. There are also rules specific to the local jurisdictions in the state, that he will advise you about.

As a rule, you will be allowed to retain limited equity of your home. You may keep automobiles and other vehicles up to a combined value of $3000.00 – $6000.00 if you are elderly, or incapacitated. Other exemptions include some jewelry, clothing, and appliances.

Once you’ve been in contact with a Parker CO bankruptcy attorney, and discussed the details of your finances, you will be in a better position to proceed. He will end the harassment by creditors, have any pending lawsuits put on hold, and prevent the garnishment of your wages, while you move through the many phases that follow a petition for bankruptcy.

Call for the help that you need: 303-841-9525.