What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

February 21st, 2014

Bankruptcy is not only a means of ending years of financial hardship, it can also be a chance to start over and begin building long-term wealth and financial security. The primary purpose for filing bankruptcy is to receive a discharge of debts. A Denver Bankruptcy attorney can provide clear and knowledgeable support through every step of this process.

Chapter 7

The Bankruptcy code was amended in 2005, effectively making it more difficult and complex to file a Chapter 7 bankruptcy. A debtor does not simply get to choose to file for a Chapter 7 bankruptcy, but rather must be deemed eligible to do so.

When you file a Chapter 7 bankruptcy in Denver, the court will appoint a Bankruptcy Trustee to your case. Essentially, the Trustee represents your creditors and determines whether or not you have any non-exempt assets in the bankruptcy estate worth liquidating. Often, Chapter 7 filers do not lose any assets because they are either exempt or are judged by the trustee to have no real liquidation value.

Once your attorney has prepared your case, a filing date will be chosen. Twenty to forty days after your case is filed in U.S. Bankruptcy Court, you will appear in front of your creditors and trustee. Your assets will be gathered and, depending on their value, the trustee will distribute the funds to creditor in accordance with the Bankruptcy Code. You will receive a discharge about 75-90 days after your hearing date with the trustee.

Chapter 13

Chapter 13 Bankruptcy in Colorado is essentially a repayment plan supervised by the United States Bankruptcy Court. When you file a Chapter 13 Bankruptcy, you make payments to a Colorado Chapter 13 Trustee and they, for a fee, make payments to your creditors. Typically, these payments do not pay the creditors in full, saving you a great deal of money.

Once your attorney has filed your case, you will be assigned a case number and hearing date. Once any objections to your proposed payment plan have been resolved, your plan will be confirmed, and most of your debts will be discharged at the end of your payment plan.

Filing for Bankruptcy

There are a myriad of reasons why someone would file for bankruptcy; wage garnishment, divorce, loss of income, credit card payments, medical bills, etc., and each situation requires a unique strategy. A qualified Denver Bankruptcy attorney will help guide you through this important decision.

Parker Bankruptcy Attorneys

layout_15If you are facing a complicated bankruptcy issue, contact The Daniel Law Firm. We take great pride in serving clients in Parker and all over Colorado. We have successfully represented individuals and their families through difficult bankruptcy issues. We are also available for small businesses and companies in Parker who wish to remain in business. Our Parker bankruptcy attorneys understand that this is an emotionally difficult time for many families and small businesses. As such, we strive to help you find the financial solution that protects your credit and your assets. Call us today at (303) 951-0233.

What are the Different Types of Bankruptcy in Colorado?

January 9th, 2014

 

If you are tired of receiving harassing phone calls from creditors or you are worried about losing your home to foreclosure, then bankruptcy may be a viable financial option. Understanding the differences between the types of bankruptcy in Colorado can be useful before choosing the one that is best for you and your family. Depending on your financial situation, your Parker bankruptcy attorney can guide you towards the bankruptcy option that will help you regain your financial freedom.

Types of Bankruptcy in Colorado

There are many different types of bankruptcy options in Colorado. Some are geared towards small businesses and others towards individuals and their families.

Chapter 7 Bankruptcy: When you are struggling financially, you may be looking for a way to simply discharge all of your debt and start over again. Chapter 7 allows you to wipe the slate clean and start again, and all of your debts are released. This can be a little damaging to your credit, but when the overall debt is overwhelming, Chapter 7 may be the best financial option.

Chapter 13 Bankruptcy: If you have debt you wish to get out from under, but you also have assets you would like to protect, then Chapter 13 may be your best option. Chapter 13 bankruptcies allow you to create a financial plan to pay off some of your debt at lower rates, while discharging others. This is also a good way to protect your credit scores.

Chapter 12 Bankruptcy: If you are a Colorado farmer or fisherman, Chapter 12 bankruptcy may be the best option for you. You will be able to create a financial plan to help pay off debt, while protecting your livelihood. It is a cheaper alternative than Chapter 13.

Chapter 11 Bankruptcy: Small businesses in Colorado that are struggling financially but wish to keep their doors open can do so by filing Chapter 11 bankruptcy. It is the only option for partnerships, LLCs, and corporations.

Parker Bankruptcy Attorneys

layout_15If you are facing a complicated bankruptcy issue, reach out to The Daniel Law Firm. We take great pride in serving clients in Parker and all over Colorado. We have successfully represented individuals and their families through difficult bankruptcy issues. We are also available for small businesses and companies in Parker who wish to remain in business. Our Parker bankruptcy attorneys understand that this is an emotionally difficult time for many families and small businesses. As such, we strive to help you find the financial solution that protects your credit and your assets. Call us today at (303) 951-0233.

Choosing the Right Colorado Bankruptcy Attorney

December 23rd, 2013

 

If creditors are hounding you and financial debt is keeping you awake at night, it is important to tackle these issues head-on. When financial struggles are too overwhelming, it may be time to consider bankruptcy. While most individuals are nervous about filing bankruptcy and how it will affect their credit, the simple fact is that bankruptcy can be a great solution to getting out of debt and restoring your credit. Yet with so many financial decisions to make, it is important to choose the right Colorado bankruptcy lawyer for your needs.

Choosing the Right Colorado Bankruptcy Lawyer

  • Experience Matters: When you are choosing a bankruptcy lawyer to help you protect your credit and possession, there is no substitute for experience. The best Parker bankruptcy attorney will be one that specializes in bankruptcy and has successfully represented numerous individuals through Colorado bankruptcy process.

  • Check the Fees: When you are already struggling financially, it is important to find a bankruptcy attorney whose fee structure fits your budget. Paying too much for bankruptcy can make matters worse, not better. Find out ahead of time how your attorney will charge and what those charges will be.

  • Relationships Matter: When you are going through the bankruptcy process, it is important to choose an attorney who is easy to talk to, who listens to your concerns, and who treats you like his number one priority. This can be an emotionally difficult time for many families and it is important to choose a Parker bankruptcy attorney who can ease your stress, not make it worse.

  • Credit Restoration: The right Colorado bankruptcy attorney will not only help you file bankruptcy, but will also strive to restore your credit and bring it back to good standing.

  • Free Consultation: The right Parker bankruptcy lawyer will be able to offer you a free consultation, so you can meet with them and review your financial situation. This is an important step towards choosing the right attorney for you.

Parker Bankruptcy Attorneys

layout_15If you are facing a complicated bankruptcy issue, reach out to The Daniel Law Firm. We take great pride in serving clients in Parker and all over Colorado. We have successfully represented individuals through difficult bankruptcy issues. Our Parker bankruptcy attorneys understand that this is an emotionally difficult time for many families and we strive to help you find the financial solution that suits your lifestyle and protects your credit. Call us today at (303) 951-0233.

Choosing the Right Colorado Bankruptcy Attorney

December 20th, 2013

 

If creditors are hounding you and financial debt is keeping you awake at night, it is important to tackle these issues head-on. When financial struggles are too overwhelming, it may be time to consider bankruptcy. While most individuals are nervous about filing bankruptcy and how it will affect their credit, the simple fact is that bankruptcy can be a great solution to getting out of debt and restoring your credit. Yet with so many financial decisions to make, it is important to choose the right Colorado bankruptcy lawyer for your needs.

 

Choosing the Right Colorado Bankruptcy Lawyer

 

  • Experience Matters: When you are choosing a bankruptcy lawyer to help you protect your credit and possession, there is no substitute for experience. The best Parker bankruptcy attorney will be one that specializes in bankruptcy and has successfully represented numerous individuals through Colorado bankruptcy process.

  • Check the Fees: When you are already struggling financially, it is important to find a bankruptcy attorney whose fee structure fits your budget. Paying too much for bankruptcy can make matters worse, not better. Find out ahead of time how your attorney will charge and what those charges will be.

  • Relationships Matter: When you are going through the bankruptcy process, it is important to choose an attorney who is easy to talk to, who listens to your concerns, and who treats you like his number one priority. This can be an emotionally difficult time for many families and it is important to choose a Parker bankruptcy attorney who can ease your stress, not make it worse.

  • Credit Restoration: The right Colorado bankruptcy attorney will not only help you file bankruptcy, but will also strive to restore your credit and bring it back to good standing.

  • Free Consultation: The right Parker bankruptcy lawyer will be able to offer you a free consultation, so you can meet with them and review your financial situation. This is an important step towards choosing the right attorney for you.

 

layout_15If you are facing a complicated bankruptcy issue, reach out to The Daniel Law Firm. We take great pride in serving clients in Parker and all over Colorado. We have successfully represented individuals through difficult bankruptcy issues. Our Parker bankruptcy attorneys understand that this is an emotionally difficult time for many families and we strive to help you find the financial solution that suits your lifestyle and protects your credit. Call us today at (303) 951-0233.

 

 

Colorado Customware Inc. requests approval for sale

October 18th, 2013

FORT COLLINS – The Fort Collins software company with the name of Colorado Customware Inc., which is operating under bankruptcy protection, is seeking approval for sale of its assets to a Canadian company operating with the name of Canada-based N. Harris Computer Corp. for $3.25 million in cash.

According to documents filed in the U.S. Bankruptcy Court for the District of Colorado, the purchase price will cover one third of the company’s 10 million dollars in liabilities.

On 25th of November, the deal will be closed by the companies.

If the deal is approved, the Canadian company which sells software will purchase software and other assets from Colorado Customware.

On 17th of July, Colorado Customware Inc (CCI) filed for Chapter 11 bankruptcy protection and said it had given money to more than two hundred creditors. The bankruptcy was filed in U.S. District Court, Colorado Division, citing assets of up to $50,000 and debts of between $10 million and $50 million owed to about 480 creditors. The largest creditor, Verus Bank of Commerce in Fort Collins, is owed more than $7 million for a loan it made to the company. According to court documents, some of the other creditors include Vision Appraisal in Massachusetts at $2.6 million and Marshall & Swift in Wisconsin at $815,000 holding the largest unsecured claims.

The complete list of creditors was provided with names of banks and governmental entities from Tennessee, to a consortium of Utah counties, to the state of Washington, including Larimer County.

Initially, CCI settled its dispute with the Larimer County Treasurer’s office when the county canceled a contract after three years of working with the software. CCI agreed to pay $250,000 in monthly payments of $3,333.33 but they paid only three payments beginning in January and then stopped.

According to court documents filed on 20thSeptember, Verus Bank has agreed to the sale. The court approved $100,000 in debtor-in-possession financing from Verus to Colorado Customware to bridge through a sale process, according to the filing of 27th of September.

A court filing signed by Colorado Customware attorney Michael Pankow states that Colorado Customware “believes the other lien holders have consented by agreeing or acquiescing in the sale”.

Chief executive officer of Colorado Customware, Lori Burge didn’t comment.

Last year, sixty jobs were cut by Colorado Customware after it completed 1 of its projects, said Burge. The software company developed software for use by county governments which complained that they had issues with software. The company had agreed to give back 250,000 dollars to Larimer County in a settlement connected to faulty software.

layout_15If you are facing a complicated legal issue, reach out to The Daniel Law Firm. We take great pride in serving clients all over Colorado. Let us discuss with you the best strategy for moving your case forward in both a positive direction and timely manner. Call us today at (303) 951-0233.

Author Bio:

Our law firm focuses on defending clients who have been charged with DUI in Bennettsville, Florence and surrounding areas. With more than 15 years of criminal defense experience, attorney Daniel Blake has a history of dedicated representation and advocacy in criminal and DUI matters.

Colorado Bankruptcy

September 22nd, 2013

According to a report in the Denver Post, beer distributors in Colorado have an impact on the economy of $987 million, and generate 2,457 direct jobs. The report goes on to say that there are actually over 6,000 “impact jobs” when community involvement, capital investment, and Colorado distributor operations are considered. This comes from a report out of the University of Delaware that examines the inter-relationship between beer distribution and the personal services sector of the economy. They also note that Colorado beer distributors add $215 million to the federal, state, and local tax bases. This represents a significant portion of the Colorado economy, particularly given that in addition to the $215 million added to the tax base, there are $124 million in excise and consumption taxes on beer sold in Colorado.

During these times when many businesses and families are struggling, it is always good to read about an industry that seems to be thriving. Many families have suffered from unemployment, and have had to file for personal bankruptcy. Many businesses have been hit hard by the economy, and went out of business, or have not rebounded as the economy grows. While some industries, like beer distribution, have done well, in other industries, some businesses have resorted to cost-saving tactics that also create problems for those with whom they do business. If you own a business, or run a business owned by someone else, you have certainly had experience with other companies who never seem to live up to their promises. A supplier always seems to be late in delivering what you ordered. A contractor that you work with does sloppy work that consistently needs to be redone. These kinds of disputes arise frequently enough, and usually can be taken care of with a phone call or an email. Sometimes, they get to the point where you need to cut ties with that company. And once in a while, you have so much money invested in the relationship that the other company’s failure to provide satisfactory results inhibits your business’s ability to serve its customers or clients.

layout_15An experienced Colorado Bankruptcy Attorney can also help you determine whether you are eligible to file for bankruptcy protection and, if so, which chapter best suits your specific set of circumstances. If you are considering bankruptcy protection, it is important to get solid legal advice before moving forward, so please reach out to The Daniel Law Firm. We take great pride in serving clients all over Central Texas.  Let us discuss the best strategy for moving your Bankruptcy case forward in both a positive direction and timely manner. Contact an Colorado Bankruptcy Attorney at The Daniel Law Firm today at (512) 615-3569.

Why Hire a Parker Estate Planning Attorney

March 4th, 2013

When it comes to writing a will, a lot of people put it off, for various reasons that all make plenty of sense. Let’s face it, thinking about what will happen when you die is a pretty unpleasant task. A lot of the questions that people ask of Parker estate planning attorneys revolve around writing a will. Why should I have a will? When should I take care of it? Should I update my will? What should a will say? Do I need an estate planning lawyer to write a will? Do I really need a will at all? These are pretty fundamental questions, and some of them have easy answers and some don’t. More importantly, with most of them the answer depends on your personal situation.

Probate Court

In order to understand the role and function of a will, it is important to understand a little bit about probate first. Probate court does quite a few things, but as it affects estate planning, in simple terms, every person who dies goes through some kind of probate process. It’s just the way it is. When someone with no will dies, the probate court decides what to do with any assets that person had, as well has how to handle any outstanding debts. In some cases, this may be relatively simple, but in some cases it can become extremely complicated. If the person who died left behind a well-written will, there is some control over the disposition of assets. The court will determine whether the will itself is legal, and handle any disputes that arise over it. The court will also try to ensure that the debts of the deceased are paid before dispersing assets to family or organizations.

Why Hire a Parker Estate Planning Attorney

In order to be sure that your family is taken care of when you die, it is important to have a valid will that lets the probate court know what your wishes are. The more unusual your wishes are, the more important having a will is. For example, if you wish to leave a large amount of money to some particular charity, or to a person who is not a relative, the probate court will have no way to know that without a will. It is also important to understand what a will CAN’T do, because there are limits. An experienced Parker estate planning attorney can ensure that your will is well-written and valid. He or she can ensure that you understand what life changes necessitate a revision of your will. No one can really make thinking about your death pleasant, but the fact is that, even when healthy, you family is just too important to leave their future up to the discretion of a probate judge.

Call Parker estate planning attorney R Brian Daniel today to discuss your estate planning options. If you don’t have a will, if your life has changed since you last revised your will, or if you simply don’t understand the importance of a will, call Brian today at (303)951-0233. He has helped countless Coloradans to protect their families against the unknown of the future, and to ensure that their families are cared for after their own passing. Brian also has a Dripping Springs, TX Estate Planning Law Office.  For more information and a FREE CONSULTATION, contact the Daniel Law Firm today.

American Airlines to Seek Relief From Unions | Parker Bankruptcy Lawyer

March 23rd, 2012

American Airlines plans to ask the judge in their federal bankruptcy case for clearance to throw out the union contracts if attempts to reach cost-cutting agreements fail, according to the Denver Post. The lead bankruptcy attorney for the airline has indicated that the airline and union have negotiated in good faith, but union officials have said that they believe the company has intended to ask for the contracts to be thrown out from the start. Federal law allows for the company to throw out the union contracts as long as it first tries in good faith to negotiate with the union for a lower-cost deal, and can show that they need the financial relief. The pilots, flight attendants, and ground workers unions have all been expecting the company, which filed for bankruptcy in November, to ask for relief from the contracts.

Are you a small business owner who is struggling to keep your doors open in a poor economy? Contact a Parker bankruptcy lawyer to discuss your legal options.

The news often reports on bankruptcy actions for celebrities and huge corporations, such as airlines and auto manufacturers, but it is important to understand that bankruptcy can also be a way to keep struggling small businesses operating while they get back on track. There is a belief by many people that bankruptcy automatically indicates that the business is closing; in reality, the goal of a chapter 11 bankruptcy is to provide financial relief by reorganizing debts and other finances in order to make it possible for the business to keep its doors open. The benefit to creditors is that they are more likely to recover some of the money they are owed than if the business closes, and the business obviously benefits by staying afloat.

If your business has been struggling with bills and debt, bankruptcy may be an option to help keep your doors open. Bankruptcy law is extremely complicated, and you need a dedicated Parker bankruptcy lawyer to explain your options, and help you understand and decide whether it may be the best option for you. Brian Daniel is an experienced bankruptcy lawyer who can guide you through the entire process, and help you keep your doors open. For more information and a FREE CONSULTATION contact Brian today at (303)951-0233.

Kodak Reorganizes Under Bankruptcy Protection | Parker Bankruptcy Attorney

February 27th, 2012

According to The Denver Post, Eastman Kodak Co. announced recently that it will stop making digital cameras, pocket video cameras and digital picture frames. The 132 year old company will continue to produce disposable cameras, however. The company went under bankruptcy protection from creditors last month in a case that involves $6.7 billion in debt. The New York-based company has struggled in recent years due to the failure to keep up with Japanese competitors in the shift from film to digital technology. Kodak has a year to develop a restructure plan for the company’s future. The company still has investors and a firm hope for their home photo printers, high-speed commercial inkjet printers, and workflow software and packaging as their main products.

Have you been considering bankruptcy as an option to reorganize your business? Contact a Colorado bankruptcy lawyer to further discuss your legal options.

In the past few years, a large number of companies have filed for bankruptcy in order to reorganize, in hopes of saving their businesses. Many people believe that filing for bankruptcy is what a company does as they go out of business. However, many businesses are very successful at using Chapter 11 bankruptcy as a tool for financial reorganization in order to keep their business going

If your business is struggling and you are considering bankruptcy as an option then you need to contact a dedicated Parker bankruptcy attorney. Whether it is for business or personal finances, filing for bankruptcy may be the best option. Understanding your options and filing for bankruptcy is a difficult and often a confusing process. Let the experience of a professional bankruptcy lawyer help you make your decision less stressful. For more information and a FREE CONSULTATION, contact attorney Brian Daniel at (303)951-0233.

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Knowledge is Key | Denver Bankruptcy Attorney Brian Daniel

January 11th, 2012

In its ongoing coverage of Tom Martino’s bankruptcy proceedings, the Denver Post reports that an airplane hangar that he owns is going to be sold publicly as part of the liquidation of assets. The Post reports that Mr. Martino has objected to the sale of the hangar, but under his Chapter 7 bankruptcy, the court appointed a trustee, who oversees the asset liquidation. Mr. Martino’s attorney has indicated that he has settled a number of his debts, and believes that the sale of the hangar should not be necessary, but according to Judge Michael Romero, because the proceedings are Chapter 7 bankruptcy and not Chapter 11, the individual does not have control over the liquidation process. Most of the debts involved resulted from real estate deals that did not come out the way he had hoped with the poor economy.

Are you considering bankruptcy counseling in Denver for a fresh financial start? Contact an experienced Denver bankruptcy attorney to discuss all of your options.

Bankruptcy is an extremely complicated area of law. In many cases, bankruptcy may be the best solution to growing financial problems, and a way to get a fresh start, but knowledge is key. Anyone who is considering bankruptcy needs to educate him or herself as much as possible on the alternatives, the process, and what to expect.  Keep in mind that, in order to file for bankruptcy, you need to seek a Denver bankruptcy counselor. There are a lot of myths out there about bankruptcy, some of which make it seem like a better option and some make it seem like a worse option than it in fact is. Anyone heading for a legal process as potentially life-changing as bankruptcy should do so with eyes open, and the best possible information about what will happen during the proceedings.

If you are considering bankruptcy as a solution to financial problems, contact an experienced Denver bankruptcy attorney to discuss your options. Brian Daniel has helped a number of families and individuals to get a new start, and get control of their finances. Brian will make sure that you have the information you need to make a decision, and has the skills and knowledge to guide you through the process as smoothly as possible. For more information and a FREE CONSULTATION, contact Brian Daniel today at (303)951-0233.