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FAQs

What matters/areas of law does your Firm handle? We are currently taking only bankruptcy cases. Our bankruptcy services include all legal matters related to personal and business owner bankruptcy, including Chapter 7, Chapter 13, and bankruptcy litigation.

Do you handle business bankruptcy? Yes. In fact, the majority of our Clients are business owners.

What is bankruptcy? A legal process put in place by the “Founding Fathers” in the Constitution of the Untied States, which allows people to get a fresh start or reorganize their finances.

What can bankruptcy do?

Bankruptcy can wipe out almost all personal and business debts you have. In certain situations bankruptcy may even wipe out taxes and student loans. It may also:

STOP: Foreclosure or Eviction

PROTECT: Valuable Home Equity

STOP: Lawsuits/Legal Judgments

PROTECT: Against Property Liens

STOP: Creditor Harassment

PROTECT: Family from Creditors

STOP: IRS/Tax Authorities

PROTECT: Valuable Assets

STOP: Collections & Garnishment

PROTECT: Income from Creditors

What is the process or what do I do next?

Each person’s case follows a different path depending on the complexity of the matter and the services that the attorney must perform. When you come in for a FREE consultation the attorney can inform you of the process your individual case may take.

How much does it cost or can you give me a range of fees?

The first meeting is 100% free and fees will be discussed at the Initial Free Consultation, because each case is different and needs to be quoted based on its complexity.

Our Firm specializes in handling bankruptcy matters. The attorney will be able to discuss your bankruptcy matter during the consultation. The attorney will be able to provide options to solve your financial problems and provide you with a written estimate of the fees.

Do you offer payment plans?

We do offer a payment plan. The attorney will discuss payment options at the Free Initial Consultation.

What is a Free Initial Consultation? A half hour free office meeting with a Bankruptcy Specialist. The Free Initial Consultation may also be scheduled as a consultation that will happen over the phone upon request by Client if they live too far away, are elderly, or disabled. The object of the consultation is to learn about Clients goals, determine if bankruptcy will help the Client reach these goals, and make sure the potential client qualifies for our services.

Clients may schedule a second Free Initial Consultation for follow-up questions or may schedule a Phone Consultation for follow-up. The only document required at the initial consultation is the Bankruptcy Planning Worksheet.

Client should arrive 15 minutes early in order to file out starting paperwork, including the Bankruptcy Planning Worksheet.

IMPORTANT! “If you are concerned about our Firm and how we will be handling your case then we invite you to schedule a consultation and meet with one of our attorneys and compare us to our competition. We are confident you will choose us after doing your research and making the comparison.”

Do I need to bring anything to the free initial consultation? Only the Bankruptcy Planning Worksheet and even if you forget that it is okay, because we can get you another one to fill-out before your consultation. They generally take less than 15 minutes to fill-out.

What is a Phone Consultation? Consultations scheduled with a Bankruptcy Specialist if you meet the following criteria:

• As a substitute for a Free Initial Consultation upon request by Client if they live too far away, are elderly, or disabled.

• You have already met with the attorney for the Initial Free Consultation and have more questions.

• You are a past or current client who needs to speak with the attorney.

What is a Bankruptcy Specialist? An attorney who specializes in helping people who are interested in bankruptcy.

Colorado Bankruptcy Secrets

Secret #1

There are alternatives to Colorado bankruptcy

You have rights under Colorado state law and federal law in regards to the repayment of your debts. You may be able to avoid bankruptcy altogether by pursuing your rights under the Fair Debt Collection Practices Act (FDCPA). Bankruptcy is not the right answer for everyone, and the FDCPA has helped many people avoid the need for bankruptcy, and even pay some of their debts off with the proceeds from their FDCPA settlements.

Additionally, Consumer Credit Counseling Services of Denver (there is one for each city) is well respected and may be able to help you if you have the ability to pay your debt. Beware of Internet-based credit counselors. Many of our clients have been ripped off when these companies take their money, but do not settle any of their debts. Some of these organizations are under investigation by the IRS and FTC.

Secret #2

You can save big $ on your car loan through Colorado Bankruptcy

United States Bankruptcy Code Section 722 allows you to keep your car by just paying your bank the current wholesale value. US Bank funds these “redemptions.” You can call www.722redemption.com toll-free at 1-888-278-6121 right now and find out more about how it works, if you qualify, and how much lower your payments would be if you redeem through your Colorado Bankruptcy. If you are going to redeem, you should stop making payments to the old bank once your bankruptcy is filed. After your redemption is approved by the judge, you will start making the lower payments to US Bank.

Secret #3

Most people keep all their property

The bankruptcy code provides for you to keep your home, cars, furniture, appliances, employer sponsored retirement, and other essentials that you need to get your fresh start. In general, fears of losing property are overblown by the credit industry.

Secret #4 There is credit after bankruptcy

We hope you will not go into bankruptcy with the intent of getting back into debt. In particular, you should refuse all offers of credit cards and just use a debit card instead. But, if you want to buy a home or car after filing, you will probably be pleased. We have had many clients purchase a home within 2 years of filing Colorado bankruptcy. In addition, credit card and car companies will be asking you to borrow from them as soon as you have filed the bankruptcy. Sounds hard to believe, but you are a good risk after bankruptcy, because you have wiped out your debts (Chapter 7), and now you have greatly reduced your monthly obligations. You have more money available to pay the creditors again.

Secret #5

Your banks may want you to file bankruptcy

Banks make money both ways. They earn big interest and late fees before you file bankruptcy. After you file bankruptcy, they can write off the loss on their taxes. What they do not want you to do is stop paying your debts or using credit and “live off the books.” Banks often force debtors into bankruptcy with a lawsuit or garnishment. They would rather write off the loss and then try to get you back into the credit culture. We hope you will choose not to use credit cards, and will live on a “cash basis” after your bankruptcy.

Secret #6

You are not alone

Each person going through bankruptcy tends to feel like the “Lone Ranger.” Do not! In Colorado alone, over 30,000 people filed bankruptcy in 2005. Doubtless, several of your friends, coworkers, and neighbors have filed — they just do not advertise it. Also, many famous individuals and big companies have gone bankrupt, including Hollywood director Francis Ford Coppolla, hotel founder Conrad Hilton, retailers James “J.C.” Penney and Sam Walton (before he founded what is now the largest company in the world, Wal-Mart), mogul Donald Trump, the Iowa-based McLeod company, and Continental Airlines. There is absolutely no reason to feel guilty about filing bankruptcy, especially if you use it as an opportunity to provide future financial happiness and security for your family. Sometimes bankruptcy is your best financial decision in order to stabilize and build your future.

Basic Bankruptcy Process

Your bankruptcy case progresses in steps, beginning even before the first day you step into our office. We will immediately work to stop harassment by the debt collectors; if necessary, we will bring a lawsuit on your behalf against them to enforce your legal rights under the Fair Debt Collection Practices Act (FDCPA). We will draft all of your bankruptcy papers, and make sure that all necessary documentation is made available. You will always be involved in the process so that you know exactly the status of your case.

Pre-Filing Certification

In order to be eligible to file for bankruptcy — Chapter 7 or Chapter 13 — you must complete a pre-filing briefing outlining the opportunities for credit counseling AND a budget analysis. You do not need to worry about accomplishing this task before meeting with us. We are here to help you every step of the way and will lead you through this process. When your case is filed, you must file with the bankruptcy court the certificate you receive from the approved nonprofit budget and credit counseling agency. Certification may be received through a counseling agency over the Internet or the phone, and the work you do with us prior to the certification will help prepare you for an efficient completion of this part of the process.

Filing Your Case

As soon as your case is filed with the court, a trustee is appointed. The trustee’s role is to sell any assets that are not protected by law, and to distribute the proceeds of that sale to your creditors. In most cases there are no assets to liquidate. If the trustee does identify assets, we probably have previously advised you about this possibility.

If you have filed a Chapter 13 case, the trustee is responsible for reviewing your proposed repayment plan, making recommendations to the court regarding the feasibility of that plan, and distributing the payments to your creditors under the terms of the plan. You will be sending your Chapter 13 payments to the trustee each month, along with any other documents required by law.

All About The Meeting Of Creditors

This meeting, which is held in all bankruptcy cases, usually occurs within 4 to 6 weeks of the filing of your case with the court. The purpose of the meeting is to give creditors a chance to ask questions, although it is very rare that a creditor shows up; it is mostly handled by the trustee assigned to your case. The trustee may also ask you questions about particular items on your petition usually focusing on assets or income. Most meetings ta ke only a few minutes.

Some consumers feel some level of anxiety or fear leading up to the meeting with the bankruptcy trustee, but there is no reason to fear the trustee. The meeting will take place in an ordinary conference room, and the trustee is not a judge — the setting is informal. After the meeting, most people comment on how simple the process was.

How To Be Prepared For Your Meeting Of Creditors You must bring state-issued photo identification, and your social security card to your meeting. There are other documents that need to be provided to the trustee before your meeting can take place, and we will send you a letter with the list prior to your meeting.

Attending Your Hearing on Confirmation For Chapter 13 Cases

If you file a Chapter 13 case, there is one additional hearing you must attend. This is called a Hearing on Confirmation, and it takes place after your Meeting of Creditors. At the Hearing on Confirmation, the trustee will make a recommendation to the judge as to whether your proposed payment plan is sufficient to satisfy the requirements under the Bankruptcy Code. The judge will then give final approval to your repayment plan, or tell us to make adjustments.

How Long Your Case Takes To Complete

All Chapter 7 and Chapter 13 debtors must complete a Financial Management Course before they receive a Discharge. This course is intended to help debtors identify and correct the financial mistakes that led to bankruptcy. This course may be taken over the Internet or the phone, and we will provide you with a list of approved agencies.

In a Chapter 7 case, your case is usually completed approximately 90 days after your Meeting of Creditors; at that time, you will receive a single-page document titled “Discharge of Debtor” from the court. The discharge order is the official court order relieving you of your obligation to pay your bills. Remember that the Discharge of Debtor in a Chapter 7 case will not relieve you of all of your debts. You should speak with us to find out which debts will not be discharged in a Chapter 7 case.

In a Chapter 13 Bankruptcy case, the discharge order is issued upon your successful completion of the repayment plan. This will vary depending upon the length and type of your Chapter 13 Plan.

Chapter 7 and Chapter 13 Comparison

Chapter 7: Discharge Debts, Receive a “Fresh Start,” and Keep Protected Property

DISCHARGE DEBTS

1. Dischargeable debts may include: Credit cards, personal loans, repossessions, foreclosures, and medical bills. These are the most common examples and by no means form the complete list of dischargeable debts.

2. Non-dischargeable debts may include: IRS and state tax claims, maintenance and support obligations, and school loans. These are the most common examples, but are not the entire list. In addition, some non-dischargeable Chapter 7 debts are dischargeable in a Chapter 13.

RECEIVE A "FRESH START"

1. Chapter 7 Bankruptcy cases do not require a payment plan, and usually are completed within 6 to 8 weeks after the Trustee meeting.

2. Creditors with dischargeable debts are wiped out creating the fresh start for the bankruptcy client.

KEEP PROTECTED COPY

1. Federal and state laws allow for you to protect property from being taken in a bankruptcy. Protected property is called “exempt property.”

2. Most Chapter 7 cases protect 100% of a client’s property. This includes such items as your house, cars, jewelry, household goods, tools used for work, life insurance, retirement, and many other items.

3. Property that may not be protected may include certain sporting goods, cash on hand, money in checking accounts, and tax refunds. These are the most common examples of unprotected property.

Chapter 13: Payment Plan, Discharge Some Debts, and Keep Protected and Unprotected Property

PAYMENT PLAN

1. Most Chapter 13 Bankruptcy cases have a payment plan that lasts for 5 years. In certain cases, the payment plan may be for a period of time that is less than 5 years.

2. Payments are based on your income and the type of debts you owe.

3. The type of debt that you have may also determine your monthly payment. Secured debts (i.e. house, car, etc.) must be accounted for in full if you plan on keeping the secured item. Also, priority debts (i.e. taxes, maintenance/support, etc.) must be accounted for in full in your Chapter 13 Bankruptcy. Accounted for debts in full means that for secured debts, all past payments ("arrearages") owed must be paid 100% during the duration of your plan, and all priority debts must be paid 100% during the duration of your plan. For example, if you owe $10,000 in past payments ("arrears") for your home, and $30,000 to the IRS for past tax debt, then you would have to pay a minimum of $40,000 into your plan over the duration of your plan.

4. The payment plan must also pay a small percentage of money to unsecured creditors in addition to the creditors who must be paid in full.

DISCHARGE SOME DEBTS

1. Unsecured creditors do not need to be accounted for 100% in creating a Bankruptcy payment plan. Unsecured creditors (i.e. credit cards, personal loans, medical bills, etc.) who would be discharged in a Chapter 7, will likely have the majority of their debt discharged in a Chapter 13. However, in a Chapter 13, unsecured creditors will receive some of the money paid into the Chapter 13 payment plan, if they provide the court with proof of their claim against the debtor.

2. Once the plan has paid in full and payments have ended, the unsecured claims that have not been paid may be discharged.

KEEP PROTECTED AND UNPROTECTED PROPERTY

1. Federal and state laws allow for you to protect property from being taken in a bankruptcy. Protected property is called “exempt property.”

2. Most Chapter 13 cases protect 100% of a client’s property. This includes such items as your house, cars, jewelry, household goods, tools used for work, life insurance, retirement, and many other items.

3. Property that may not be protected may include certain sporting goods, cash on hand, money in checking accounts, and tax refunds. These are the most common examples, and by no means forms the complete list of unprotected property.

4. When property cannot be protected, the trustee may request turnover of the property so that it may be distributed to the creditors.

5. In Chapter 13, some unprotected property may be kept by paying more money every month to the trustee in your bankruptcy plan. Reorganizing payments in this fashion is often referred to as “reconciling.” A common case where this happens is when a portion of the value of a home is not protected. In this example, the unprotected portion may be reconciled. Here is how reconciling works. The home may have equity (what someone would receive after selling a home and paying all debts on the property) of $60,000. The equity in the home may only be protected to $45,000. $15,000 is unprotected. The debtor may still keep the house even though it is not completely protected as long as their Chapter 13 plan adds $15,000 extra to be paid over the life of the plan to unsecured creditors.

In General:

GARNISHMENT, COURT PROCEEDINGS, FORECLOSURE, AND EVICTION

Bankruptcy will stop garnishment, court proceedings, foreclosure, and eviction. However, in regards to foreclosure and eviction, Chapter 7 is usually used to allow the debtor more time before proceedings are commenced against the debtor, and an inevitable eviction or foreclosure proceeds. In Chapter 13, repayment and continued residence instead of foreclosure and eviction may be sought.

SECURED DEBTS

Secured debts (i.e. house, car, personal loans, etc.) are often fully (Chapter 7), or partially (Chapter 13) dischargeable if the property is surrendered. If secured property is to be kept, then in both chapters of bankruptcy, the regular monthly payment will need to be made and the collateral must be properly insured.

Schedule Your No Pressure Confidential Appointment Right Now!

The next step is to schedule a no pressure confidential office consultation with one of our friendly and compassionate attorneys. The office consultation is a FREE 1/2 hour attorney consultation. During your consultation the attorney will review your situation, provide legal options, answer your questions, and quote you a fee for our services.

We offer 3 easy ways to schedule your consultation today!

1. Online 24/7 Go to www.methnerlaw.com for appointment!

Schedule your own confidential appointment online right now at www.methnerlaw.com!

You may schedule your own consultation online 24/7. This is the fastest and most convenient way to schedule your appointment. Our online appointment system will allow you to make, change, and cancel your own appointment online. Click here for appointment!

2. Phone (800)282-1356 ext 611

Schedule your confidential appointment over the phone today!

You may schedule your consultation over the phone Monday through Friday from 8:30am to 4:30pm. Just call (800)282-1356 ext 611 and an available representative will help schedule an appointment. Our staff is friendly and waiting to talk with you! Call (800)282-1356 ext 611 for an appointment today!