Chapter 7 Bankruptcy Attorney in Broomfield & Thornton

Helping individuals and small business owners file for Chapter 7 bankruptcy

In today’s tough economic climate, many families, individuals, and small business owners struggle with debt and bills. More than ever, they can benefit from protection under Chapter 7 bankruptcy.

Broomfield Attorney Lois Tabberson Gray helps clients determine whether bankruptcy is the right choice, whether they qualify and which type of bankruptcy to seek. Chapter 7 allows debtors to discharge their debts and start with a relatively clean slate. Lois Tabberson Gray is also a qualified Broomfield Chapter 13 bankruptcy attorney and handles Chapter 13 filings when that is the appropriate option. Chapter 13 bankruptcy requires a debt-payment plan and provides the debtor government protection.

Lois Tabberson Gray, P.C. helps individuals and business owners who run into financial difficulties file for personal bankruptcy.

When you need one of the most experienced Chapter 7 bankruptcy lawyers in Broomfield

For more than 30 years, we have walked clients through the entire process — from considering the best course of action through final resolution of the bankruptcy. Clients are reassured by our experience, exemplary reputation and knowledge of every aspect of bankruptcy law.

Chapter 7 bankruptcy is the most common type and permits debtors to liquidate their debts in exchange for turning over assets to a court-appointed Chapter 7 trustee for distribution to creditors.

In a Chapter 7 bankruptcy, your assets will be divided into two categories: exempt and non-exempt.

  • Exempt assets are often best described as the necessities of life. These types of assets often include the equity in your home and vehicle, your household furnishings and a 401(k) retirement account.
  • Non-exempt assets are the luxuries in your life that a trustee could seize and sell to pay off your creditors. These assets often include timeshares, boats, airplanes and tax refunds. In most cases, all of your property is likely to be exempt.

When filing Chapter 7 bankruptcy makes sense

Chapter 7 may be your best bankruptcy option if:

  • You cannot pay your debts
  • Your creditors are not pestering you or threatening to sue
  • Your estate is small
  • You do not have any debts with co-signers

If you are behind on your mortgage or car loan and wish to keep your home or vehicle, a Chapter 7 is most likely not the best bankruptcy tool. Under Chapter 7, a secured creditor, such as a loan holder, maintains the right to take the collateral to cover your debt. Therefore, if you wish to keep these items, you will need to get current on the debts.

Contact a Chapter 7 attorney you can count on

If you are considering bankruptcy, it is vital that you speak to an attorney who knows your options under the law. The key to an optimal outcome is the caliber of your Broomfield bankruptcy attorney. Lois Tabberson Gray, P.C. makes the process as straightforward as possible.

Schedule a free bankruptcy consultation today.