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The basic process is as follows. You first meet with a bankruptcy lawyer for an initial consultation, which will enable us to assess your specific situation and goals. It is at this meeting where we will recommend pursuing relief under a specific chapter of bankruptcy.

You will learn more about your options, even your non-bankruptcy options, and be able to make an informed decision as to your next steps. To be frank, Bankruptcy isn’t always the best solution.

Sometimes debt settlement or not paying at all is the best choice! If you decide to retain us for our services, you will be provided with a punch list of information that we’ll use to prepare your Denver bankruptcy documents.

For more about bankruptcy basics, check out our frequently asked questions.

We will sometimes offer different pricing options and payment plans depending on your specific situation. Once you have the required documentation, your bankruptcy schedules will be prepared, you will have an opportunity to review and sign them, and your case will be filed.

We will take care of you throughout the bankruptcy discharge process, go to your initial court date, and ensure that your rights are protected along with your peace of mind. Moreover, we won’t abandon you after your case is discharged like other Denver bankruptcy lawyers. Instead, we’ll provide you with tips and reputable contacts for obtaining credit repair or even post-bankruptcy credit.

Remember, at Cohen and Cohen, P.C., we practice in several other areas than just Colorado bankruptcy. As you might have guessed, this helps our Denver bankruptcy practice enormously because bankruptcy as a rule of thumb encompass all types of law. Multiple-practice area firms such as ours are able to provide you with a better overall perspective on how your non-bankruptcy issues — divorce, for example — will be affected once you file bankruptcy in Denver.

Lastly, we typically do bankruptcies for a flat fee, so you will only have to pay one fee (assuming nothing comes along in your case that is unanticipated or extraordinary). Plus, we also do payment plans to help you get things started.

Until you meet with a bankruptcy attorney from Cohen & Cohen, P.C., we cannot answer that question. But chances are that if you are looking at bankruptcy as an option you have already exhausted all other options.

Usually, an individual comes to the conclusion that bankruptcy might be an option months (sometimes years) after it truly became a good option for them. Probably in only 1 out of 10 consultations will we advise a client not to file for bankruptcy due to other options, and trust us, we believe that a client should pursue other options if they make sense. Bottom line, if you think you need bankruptcy protection, you are probably right.

As discussed already, bankruptcy is designed to implement the policy of providing an overburdened and honest Debtor a “fresh start.” The fresh start is realized by giving the debtor exemptions for property and providing a discharge for certain pre-bankruptcy debts or implementation of a Chapter 13 re-organization plan. Note that dishonest and improper use of the bankruptcy code is strictly prohibited and punishments can include denial of your discharge, jail time, massive fines, or all three.

There are multiple types of bankruptcy. The most common types for consumers (and businesses) are Chapter 7 and Chapter 13. The types of bankruptcy stem from the chapter of the United States Code you are filing under. For example, a Chapter 7 bankruptcy is filed under 11. U.S.C. § 700 et. al. Business and very wealthy individuals will oftentimes file under Chapter 11.

Chapter 11s are very complicated and extremely time-consuming. The average consumer and small business are typically better served with a Chapter 7 or 13. It is important to note that although the Chapters are different, all of the types of bankruptcy, or chapters, interrelate and draw off one another.

The short answer is that it is a liquidation rather than a reorganization. This form of relief is oftentimes sought by the Debtor for many reasons, but primarily due to its speed and oftentimes complete wipeout of unsecured debts. Unlike a Chapter 13 which typically takes anywhere from 3 to 5 years to receive a discharge, a Chapter 7 is usually completed within 3-6 months from filing.

A Chapter 7 bankruptcy is oftentimes referred to as a liquidation because any non-exempt property can be taken and sold (e.g., liquidated) by the Trustee to pay off your debts. When this happens, typically your creditors receive pennies on the dollar and the remaining balance is discharged (e.g., the debt is wiped out).

The short answer is that Chapter 13 is a reorganization rather than a liquidation. This form of relief is sought for various reasons, such as not passing the means test, greater flexibility, and protection of assets. Under this type of bankruptcy the debtor is able to reorganize their debt and pay back a percentage of what is owed over a period of 3 to 5 years. The actual payment amount is based on numbers and depends on a series of factors including but not limited to income and expenses.

“Pigs get fat, and hogs get slaughtered.” This quote has been cited in several cases with regard to pre-bankruptcy planning. You can protect your assets prior to bankruptcy filing without being accused of fraud, if you do it appropriately. This is as much art as it is law. If you have assets to protect in a bankruptcy, don’t do it yourself. Call a lawyer. Trust us on this one.

Sort of. You do have to qualify for a Chapter 7 bankruptcy by passing the Means Test. This is based on your last 6 months of income. It is important to note that they did not “take away” bankruptcy with the new law. This is a myth that we hear all too often. Even if you don’t qualify for a Chapter 7, you can almost always find relief under Chapter 13 or even Chapter 11.

This is a person who works for the U.S. Department of Justice who is responsible for administering your case. Essentially it is the Trustee’s job to make sure you are honest, forthright, and to liquidate non-exempt assets. Because most creditors will not contest your bankruptcy or otherwise care, in the vast majority of cases the Trustee will be the only official you will meet with. He or she is oftentimes responsible for the successful resolution of your case.

Absolutely. The right to a fresh start is not without limitations. You cannot discharge fraudulent debts, some taxes, or student loans (except you might be eligible for a hardship discharge), amongst others. The list of what is non-dischargeable is as much black letter law as it is good lawyering. However, if you have been honest and forthright, chances are that you will not have any problems.

Maybe. Though I doubt it. Chapter 11 bankruptcy is very complicated and very expensive. It is specialized and will probably take years to complete. Typically large corporations, such as United Airlines, or very wealthy individuals are the best candidates for Chapter 11. Chances are if you are a small business owner you have personally guaranteed your debts and a “business bankruptcy” (e.g. primarily business debts) under Chapter 7 would be better for you.

However, this issue is tricky, and many factors will go into deciding which course of action is best for you. You should speak to an attorney if you have a business bankruptcy issue.

One common myth about bankruptcy is that you will lose everything you own. In most cases, the Debtor is able to retain most if not all of their property while receiving a full discharge.

Bankruptcy is designed to provide the debtor with an adequate level of property for a return to a normal life. The list of exempt property is too extensive to review here. However, Colorado has chosen to opt-out of the federal exemptions thereby leaving it to the Colorado Legislature to decide what is exempt from execution (e.g., what can’t be taken by creditors).

People are sometimes surprised to find out what is exempt and what is not exempt. Oftentimes, even if you have a non-exempt asset we are able to assist you in pre-bankruptcy planning to help you keep that asset. The trick is knowing how to convert a non-exempt asset into an exempt asset and not run afoul of the good faith provisions of the bankruptcy code.

In the past that is generally what we did. However as our practice has grown we tend to represent both sides of the coin. But we cannot stress enough how valuable representing both sides is to our consumer and business clients as we have become that much more familiar with the creditor side of the bankruptcy laws.

Absolutely. Sometimes bankruptcy isn’t the best option. However, unless there are special circumstances it is oftentimes in our clients best financial interest to simply file a bankruptcy.

At Cohen and Cohen, we encounter a lot of interest from potential clients in filing their own Colorado bankruptcy “pro se.” You can do it. In fact, there are some instances where there are not any problems. But we cannot stress enough why filing on your own is a bad idea for several reasons:

• Making a mistake in your bankruptcy filing, as opposed to filing bankruptcy correctly, can become very expensive to fix and may result in losing assets, such as your tax refund. We have seen people lose their homes, stocks, inheritance, and any number of items that cost much more than an attorney.
• Using a local Colorado bankruptcy attorney allows you to receive specific Colorado bankruptcy advice, which is right for your individual situation. This protects you from generic bankruptcy forms, complicated “how-to” instruction manuals, and unreliable “how to file bankruptcy” advice from internet forums.
• Filing bankruptcy is not easy; there are multiple forms and legal requirements and you should have it done by a professional. Saving the time, hassle, and risk of losing assets makes filing with a bankruptcy lawyer worth the investment.
• It is very important, especially for people expecting tax refunds or personal injury settlements, that the money they received is spent correctly before filing or properly protected. Getting the assistance of an attorney, to make sure this is done right, is the conservative choice to make. Losing your tax refund or injury settlement can be devastating.
• Finally, if you’re anxious or concerned for any reason, it’s much easier to have your lawyer available with help and answers than to be stranded on your own in the middle of a confusing situation.

You will have a far easier time with less risk if you file bankruptcy using an experienced Colorado bankruptcy attorney. Have an attorney available to advise you from the start and avoid common pitfalls and unnecessary risk

In a lot of instances, filing bankruptcy actually helps your credit score. Bankruptcy truly is a fresh start. If you do it right, within a few years you can have A credit again. We work with trusted business who know more about improving your credit score that we do. They will help you rebuild your credit to get your rating up as quickly as possible.

Studies have shown that 90% of people who file for bankruptcy are offered a credit card within one year of filing. Our clients often tell us that they get more junk mail for credit in the 6 months after filing for bankruptcy than they did in the past 6 years. Indeed, creditors used to leave fliers at the bankruptcy court and even bring attorneys doughnuts and cookies to try to drum up business.

Creditors want to give the recently bankrupt individual(s) credit because the debtor can’t file again for a while (i.e., they know they will get paid) and they can charge higher interest rate. Most people do get credit again, if for any reason to purchase a car or re-build their credit rating.

To be honest, it depends. Every case is different and we aren’t going to advertise a one-price-fits-all bankruptcy. We charge less for uncomplicated cases and we charge more for complicated cases. Frankly speaking, the question you should be asking your bankruptcy attorney is not what they charge, but what is included in the charge. Generally, a bankruptcy will be a flat fee.

Some attorneys then seek to minimize their legal responsibility to the client by that flat fee. It would be beyond the scope of this FAQ to really delve into what we include in our agreements (though I can assure you it is more than most), but a good rule of thumb is the less you pay the less you get. Don’t go shopping for a bargain on a parachute.

This question comes up from time to time in our initial consultations. We tend to be a bit uncomfortable answering it because telling people how wonderful we are just doesn’t feel quite right… But with that being said, it is a fair question.

My first response is to check out our testimonials. They are real. My second response is to tell the client that I wish it was ethical for me to take and show them a picture of every client we take over from another bankruptcy firm and have to fix their case. Although most bankruptcy attorneys are competent, buyers beware.

My third response is to then tout our customer service. We are courteous to everyone, our clients, the court, opposing counsel, each other, the mailman, our neighbors, and so on. If you call and want to talk to your attorney, you can do so. Trust me when I say this, you would think that is commonplace but it’s not.

Finally, I will then cater my answer to that particular client’s needs such as, “yes, I will be the attorney who works on your file and goes to court with you” (as opposed to passing you off to multiple attorneys or paralegals throughout the process). Or then I will discuss our experience in addition to our ability and desire to handle the simple and complicated cases (it still amazes us how many attorneys don’t want to do the tough stuff and just pass along the client when something bad happens).

I might even talk about our experience in other areas of law which will almost always impact a bankruptcy. But one thing I will always get across is that we really do want to help our clients and provide them peace of mind.

Consumer credit and consumer bankruptcy filings have grown rapidly over the last two decades, and several researchers have attempted to understand the relationship between these two intertwined features of the modern American economy.

Teasing out causation is almost impossible, as consumer advocates lay blame on the industry and the industry responds by citing the same data to show consumer misbehavior. Using a novel vantage point, this analysis examines what the credit industry’s behavior toward recently bankrupt families reveals about its internal profit models and the likely causes of consumer bankruptcy.

The empirical evidence on post-bankruptcy credit solicitation belies the industry’s characterizations of bankrupt families as opportunistic or strategic actors. Original data from longitudinal interviews with consumer debtors show that many lenders target recent bankrupts, sending these families repeated offers for unsecured and secured loans.

The modern credit industry sees bankrupt families as lucrative targets for high-yield lending, a reality that has important implications for developing optimal consumer credit policy and bankruptcy law.

To read more on post-bankruptcy lending practices:

Bankrupt Profits: The Credit Industry’s Business Model for Postbankruptcy Lending

Yes. At Cohen & Cohen, P.C., not only have we represented devout believers but also ministers and other spiritual leaders. Unfortunately many people believe it is somehow not Christian to file bankruptcy. Although we are not ones to dispute another’s strongly held religious convictions we see too many people, Christian people, get hurt, abused, and taken advantage of by the system modern bankruptcy law is designed to protect.

Frankly speaking, our religious clients tend to wait the longest to meet with us and consequently are so weighted down by the debt and the system that the rest of their lives tend to begin falling apart. Remember, everything happens for a reason. Remember, “Blessed is the man whom God corrects; so do not despise the discipline of the Almighty. For he wounds, but he also binds up; he injures, but his hands also heal.” – Job 5:17-18

For additional information, please read the following article titled “Bankruptcy and the Bible.”(note – this was written prior to the Bankruptcy Law Changes of 2005, some of the references to the Bankruptcy Code are outdated, but the biblical references still stand). What does the Bible say about Bankruptcy?

Pretty much anyone. The debtor (the entity filing for bankruptcy), creditors, trustees, and other interested parties. Creditors might dispute the amount they are owed or challenge the priority of their claims. Trustees could initiate litigation to recover assets that may have been fraudulently transferred or to investigate any misconduct by the debtor. Interested parties can also include other stakeholders who have a vested interest in the bankruptcy case’s outcome.

It is very similar to other forms of litigation. It will begin with the filing of a complaint by the party initiating the lawsuit. The defendant then responds to the complaint, and both parties engage in discovery, gathering evidence and information to support their claims. Mediation or settlement discussions may occur to resolve the dispute outside of court. But this isn’t mandory in most bankruptcy courts. If a settlement isn’t reached, the case proceeds to trial, where both sides present their arguments and evidence. The court then makes a decision, which can be appealed if either party disagrees.

Bankruptcy litigation can be complex and involve specialized bankruptcy laws and procedures. For example, “bankruptcy litigation” doesn’t have to be a separate adversary proceeding. It can also be a “contested matter” for things like plan objections, objections to exemptions, turnover of property motions, determination of lien rights, and many more.

Yes, if either party disagrees with the court’s decision in bankruptcy litigation, they can usually file an appeal with a higher court to have the decision reviewed. In bankruptcy though you can choose to appeal to the Bankruptcy Appellate Panel (a voluntary group of judges from outside of the district) or to the District Court. Tactically, it is important to know your issue and where you should go if you are going to file an appeal. You can get very different outcomes from the BAP vs the District Court.

First, call us so that we can ascertain your legal needs.  Then a complimentary consultation will be scheduled with a professional financial coach.  This allows us to get a sense of your financial picture (everyone is different and has unique needs) and goals.  If we can help you, great! If not we will do our best to provide you alternative options. 

Once you decide to hire use we will put together an agreed upon plan of action.  What we do largely depends on what you need. For example, if you need both budgeting and settlement services, we will help you create a budget to manage your existing debt and begin the settlement process.  We can even help you if you have already been sued (i.e. served with papers). Regardless of your plan we will help create peace around your finances and create measurable goals towards ensuring your progress towards debt freedom.  

It depends.  I know this isn’t the best answer in the world, but every case is different.  There isn’t a one-size fits all pricing model. Pricing generally will depend on the services required.  Regardless, the fees are always disclosed up front.

Contact us today!

Debt Settlement is the process of settling debts for a specified amount either to be paid in one lump sum or a short series of installments. Debt settlement is different from debt consolidation.

The basics are the same as to regular debt settlement. However with attorney debt settlement the client gets all of the extra benefits that come with having an attorney on board. Attorney debt settlement will provide the client with legal advice, be able to assist the client in legal matters such as pre-bankruptcy planning, litigation assistance or negotiations, in addition to bringing the clout and experience only an attorney can offer.

The basics are the same as to regular debt settlement. However with attorney debt settlement the client gets all of the extra benefits that come with having an attorney on board. Attorney debt settlement will provide the client with legal advice, be able to assist the client in legal matters such as pre-bankruptcy planning, litigation assistance or negotiations, in addition to bringing the clout and experience only an attorney can offer.

There are a few big issues with debt settlement. The first being that there is nothing preventing the creditor from suing you. After all it is a contract. The lawsuit is simple, breach of contract. Although these are generally threats because it doesn’t make a whole lot of financial sense to sue when debt settlement is an option (remember, “a bird in the hand is better than two in the bush”), this is one area which we are able to assist our clients. Although not a part of our routine attorney debt settlement services, we may represent the client in the lawsuit and continue our debt settlement efforts. Oftentimes there are many defenses that the lay person simply is not aware of which can make or break the case. In any event, there is always an attorney at Cohen & Cohen, P.C., available to meet with our clients to, at minimum, assess the situation and provide legal advice.

The second main issue are the tax implications. Debt forgiveness or cancellation sometimes requires the lender to report the forgiven or cancelled amount to the IRS as a 1099-C. This means that the forgiven amount is counted as taxable income which obviously is not necessarily a good thing. There are some exceptions to this, but those would need to be explored further based on the particular facts and circumstances and maybe even the advice of a tax attorney or accountant.

The third issue worth mentioning here is the fact that some of these lenders will actually not cancel the debt at all despite your agreement! This doesn’t happen as much as it used to but it still does happen. Why, you might ask. The answer to that is beyond the scope of this section but it is important to understand the vast credit machine that exists. If you take the time to do independent research you will quickly learn that there is typically a complicated web of companies involved in debt collection. Everyone is getting a piece of the pie. Debts are sold in batches, sometimes in the amounts of millions of dollars, and as a consequence sometimes mistakes are made. This is one of the primary reasons why attorney debt settlement is preferable as we work to prevent this from happening from the beginning.

Oftentimes you cannot include certain types of debts in debt consolidation such as medical bills. Plus to if the debt has gone to third party collection agency then they are less likely to accept a debt consolidation plan and would rather have a lump sum payment. Besides the relief you receive is generally minimal when compared to the other options such as debt settlement or bankruptcy. Also, it is important to note that a large portion of these so called debt consolidation outfits or credit counseling firms are just subsidiaries of credit card companies anyway.

Call us. We will review the paperwork and discuss the case with you, answer your questions, and provide you with legal advice on your options. Generally speaking, depending on how aggressive you are, you can pay it, litigate it (you might have some colorable counterclaims), or continue to work on settlement in the litigation process, or even let judgment enter and continue negotiations (this latter option is risky and is only appropriate action upon legal counsel). The bottom line is, that unlike a non attorney, non Colorado company, we won’t leave you hanging and will absolutely provide assistance even if this happens.

Absolutely. Once you become a client you can send your creditors our way. Indeed, sometimes this is preferable as it facilitates the attorney debt settlement process. This is true even for our clients who haven’t yet accumulated enough in trust to begin debt settlement. We will still verify representation and likely take the load off of you.

It’s pretty rare that someone has enough money up front to settle their debts. What we do to facilitate this is set you upon a regular payment. We are available for advice and guidance throughout this process and will send you monthly statements of how much you have accumulated. ptcy with the new law. This is a myth which we hear all too often. Even if you don’t qualify for a Chapter 7, you can almost always find relief under Chapter 13 or even Chapter 11.

We can’t give a generic answer to this question. It just depends on the facts of the case. However, generally speaking we will require a certain percentage of your estimated balances prior to commencing debt settlement. This is something we will assess in the free attorney debt settlement consultation.

We charge a combined hourly rate and a percentage of the amount we settle. As discussed elsewhere we do this because if we followed the industry standard of charging only on what we save our clients then there wouldn’t be enough incentive to go the extra mile to make those tough transactions happen. If we charged only hourly then we wouldn’t have the incentive to save our clients as much as possible. By our latest industry review it appears industry standard fee is about 20-40% of the amount saved. We generally charge anywhere from 10-20% plus our hourly rate. As usual, we make sure to use paralegals where appropriate and will always keep our clients informed of the time spent.

This is a risk of debt settlement. Indeed it is something we explain to our clients up front. The worst thing that can happen is that we settle all of your debts and you have one obstinate creditor who will not settle. If that is the case they you need to assess your other options such as bankruptcy or payment. We always like to know if this may be the case in your situation because it doesn’t make a lot of sense to spend a bunch of time and money settling debts if it won’t be a comprehensive solution.

It really depends. Sometimes it will disappear, usually though, it will read something to the effect of it being settled for less than the amount owing. The credit reporting agencies are always changing how they prepare credit scores, but settling debt can hurt your credit.

This is often asked and the answer, again, is it depends. There are so many factors that go into this analysis it is beyond the scope of this section. This is something we explore in our free initial attorney debt settlement consultation. Bottom line, is that generally speaking bankruptcy is going to be the better financial option. But oftentimes there are reasons why bankruptcy is not a good option and thus something else needs to be done.

It depends on a number of factors such as the type of the debt, age of the debt, and stage of collections. Generally speaking we average anywhere from 35-65% of savings. We settled debs for as low as 14% of the balance and as high as 90%. Note sometimes if litigation is warranted we will help you get the debt written off completely and sometimes even get money damages for you (though this is usually not the case). The bottom line is that it just depends. One thing to remember is that if anyone promises a certain result, they are likely full of it.

As discussed elsewhere the chances of this exist, but they are small. One main advantage of attorney debt settlement is that we will use the law and legal principles to minimize your exposure if something like this happens. We’re not going to say what exactly we do on the internet so that others can copy us, but suffice to say we will do our best to ensure that you have legal protections if this happens.

Again it depends. How old is the debt? What type of debt is it? Are you being sued? Is there an upcoming court date? Do we have other timing issues such as bankruptcy eligibility? These are all questions to consider. Sometimes it is in your best interests to wait as long as possible to settle. Sometimes it needs to happen right away. Either way the attorney debt settlement program will develop this strategy with you and then implement it.

Mediation is a voluntary and confidential process in which a neutral third party, the mediator, facilitates communication and negotiation between two or more disputing parties. The goal of mediation is to help the parties reach a mutually acceptable resolution to their conflict. It is often used as an alternative to litigation or arbitration and can be applied in various contexts, such as family disputes, workplace conflicts, and business disagreements. In many courts mediation is mandatory and you are not allowed to go to trial unless you have first attended mediation. Right now this isn’t the case in the Colorado bankruptcy courts.

Mediation is typically less expensive than going to trial. It is quicker and most importantly the parties have control over the outcome of their dispute. Otherwise you never really know how a judge is going to rule.

Mediation typically involves a confidential mediation statement to the mediator in advance. At mediation you can expect the the mediator to first explain the mediation process and sets the ground rules. The parties will usually be separated but not always. Then they will give opening statements where they will present their perspective on the issue. The mediator will gather information and identify the underlying interests and concerns of each party. Then the ideas phase begins. The parties, along with the mediator will brainstorm potential solutions to the problem. After negotiations, if a deal can be had and common ground reached usually some kind of writing will be generated for signatures.

Yes, please review Rule 802. With very limited exception information discussed during mediation is confidential and not admissible in court. This is done to encourage the discourse amongst the parties and help the process. Confidentiality is a fundamental principle of the mediation process and is designed to create an environment where parties can openly and honestly discuss their issues without fear of the information being used against them outside of the mediation process.