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Rosnik Amann & Bruntz, LLC
Attorneys at Law
Bankruptcy
The burden of excessive medical, credit card, auto, and home debt can seem insurmountable. The toll excessive debt often places on you and your family can seem hopeless. As such, many people seek to lessen the burden by filing for personal bankruptcy.
Bankruptcy Can Happen to Anyone
There is no shame in filing for a bankruptcy; all sorts of things can lead to one. Many hard-working families find themselves in dire financial situations due to lay-offs, illnesses, and divorce. Filing for bankruptcy can halt creditor harassment, repossession, and in some instances foreclosure.
Bankruptcy Laws Have Changed
Many people believe that bankruptcy protection no longer exists. This is not true. Bankruptcy protection still exists. The main difference from previous laws is that, effective October 17, 2005, individuals must undergo a "means test". The “means test” determines which chapter of bankruptcy you are qualify under. Essentially, if your income falls below a certain amount you may be able to file a Chapter 7 bankruptcy. If not, you can still file under Chapter 13.
The Differences between Chapter 7 and Chapter 13 Bankruptcy
Chapter 7
A key goal in a Chapter 7 bankruptcy is to discharge certain debts to provide a fresh start to honest individuals. The Bankruptcy Code permits the debtor to keep certain "exempt" property, however all non-exempt assets are liquidated; the proceeds of which pay creditors. Sometimes a debtor’s property may be subject to liens that guarantees the property to other creditors. Accordingly, debtors should realize that the filing of a petition under Chapter 7 may result in the loss of their property.
Chapter 13
If you make a decent wage but still are unable to pay all your debts, a Chapter 13 bankruptcy may be worth considering. A Chapter 13 bankruptcy is a basic monthly payment plan designed to last three to five years. A Chapter 13 debt repayment plan is often desired over a Chapter 7, as individuals are permitted to keep many large assets, such as a house.
Rosnik Amann & Bruntz, LLC is committed to helping you get back on solid financial ground. After a bankruptcy, you can get your finances back on track, allowing you to qualify for credit for the large purchasing decisions in your life. Remember, there is life after bankruptcy.
Please call us today at 303.840.0133 or click HERE for our contact information or to tell us about your case.
Main Office:
19751 E. Mainstreet, Suite 258
Parker, CO 80138
North Metro Office:
10955 Westmoor Dr., 4th Floor
Westminster, CO 80021
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Rosnik Amann & Bruntz, LLC - Office: (303) 840-0133 - Fax: (303) 536-5005
Copyright(c) 2009 Rosnik Amann & Bruntz, LLC. All rights reserved. Rosnik Amann & Bruntz, LLC is a law firm serving Colorado including Parker, Franktown, Elizabeth, Kiowa, Castle Rock, Larkspur, Monument, Colorado Springs, Lone Tree, Highlands Ranch, Greenwood Village, Littleton, Centennial, Aurora, Westminster, Broomfield, Thornton, Denver, Douglas County, Arapahoe County, Elbert County, El Paso County, Jefferson County, Adams County, City and County of Denver. The firm is responsible for the content on the website. This information is not to be interpreted as providing legal services, nor as proposing any form of legal advice.
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