Bankruptcy protection is a powerful weapon available to consumers facing repossession, foreclosure, garnishment of wages or court judgments. Filing for Chapter 7 or Chapter 13 bankruptcy protection will immediately stop the actions of your creditors and permit you to secure your financial future under the protection of federal law.
The Denver bankruptcy attorneys at George T. Carlson & Associates understand the stress and embarrassment that come with bill collectors calling you at home or work, or attempting to repossess your car or foreclose on your house. It’s personal. It impacts your family. The pressure mounts and can even affect your health.
We understand. And we are here to help.
Stopping Repossession in Denver
As a general rule, it’s best to contact an experienced law firm as early as possible when dealing with a pending foreclosure, repossession, or judgment. Often, you are in the best legal position, before such actions occur. Once a bankruptcy is filed, you are back in the driver’s seat, your possessions are protected from seizure, your wages are protected from garnishment, and your creditors have no choice but to get in line.
Filing for Chapter 13 or Chapter 7 bankruptcy can stop repossession:
- Up to $5,000 in vehicle equity is exempt as part of the bankruptcy process; this is typically enough to allow you to keep the vehicle if you choose to do so.
- A leased vehicle has no equity and can be kept.
- Bankruptcy can permit you to secure a lower interest rate on your car loan.
- You may even be entitled to renegotiate your loan and reduce the balance to the car’s current value – thereby jettisoning any negative equity.
Dealing with Loan Default in Denver
Unless you take action to protect yourself, the law puts the creditor in the driver’s seat. When dealing with secured debt, the loan is guaranteed by the underlying asset. So if you are behind in paying for a car, boat, motorcycle or airplane, the bank can take the asset, sell it, and bill you for any difference between the sale price and the amount due on the loan. The difference can count as forgiven debt and can be considered income by the Internal Revenue Service.
A bank may even seize money in your bank account – this is particularly true if you have accounts at the same bank as your loan and may even occur without court judgments or legal action. Filing for bankruptcy protection in Denver is a powerful weapon in this fight – any collection action must stop immediately and you may even be able to keep the asset at the conclusion of the bankruptcy process.
Contact a Colorado Bankruptcy Attorney Today
If you need bankruptcy assistance in Denver or would like more information, call George T. Carlson & Associates today at 303-789-1313 for a free consultation or contact us online. We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code
Denver Bankruptcy Help – 303-789-1313 – Free Consultation
