Douglas D. Koktavy, P.C.

10200 East Girard Avenue Building B, Suite 120 Denver, CO 80231

Call Now For A Consultation

(303) 758-6601

Douglas D. Koktavy, P.C.

We have extensive bankruptcy experience representing financial institutions of all types, including banks, automobile finance companies and agricultural lenders.

Our representation has included:

  • Negotiation and Preparation of Adequate Protection and Cash Collateral Agreements
  • Complex Proofs of Claim
  • Plan Objections
  • Motions for Relief from Stay
  • Motions to Dismiss or Convert Cases

We have litigated adversary proceedings, including nondischarge and nondischargeability actions and priority disputes.

Our diverse bankruptcy court experience includes representing:

  • numerous credit unions throughout the country in a major Colorado auto-finance brokerage/servicing company in Chapter 11
  • the major agricultural lender of grain elevator co-op in Chapter 11
  • a successful defense to a preference action for a bank in involving its check collection process

And providing streamlined procedures and predictable flat fee arrangements for successfully representing automobile finance companies on an ongoing basis in individual Chapter 7 and 13 cases.

What Exactly Is Bankruptcy In Colorado?

Bankruptcy is a legal proceeding wherein an individual or a business has failed to pay his or her bills to the point that they need to seek out a new financial start. Bankruptcy is a complicated procedure and should only be considered with careful assistance from a skilled bankruptcy attorney in Denver, CO. Federal law is what governs bankruptcy, meaning that all bankruptcy cases are handled in federal courts. Filing bankruptcy can stop creditors from trying to collect debts from you.

Types of Bankruptcy

There are four different options for bankruptcy, which should be discussed with your Denver, CO bankruptcy attorney:

  • Chapter 7 Bankruptcy: Known as a liquidation bankruptcy, a Chapter 7 bankruptcy requires you to give up any property that exceeds certain set limits, called exemptions. This option calls for the expertise of a Chapter 7 bankruptcy attorney in Denver, CO. Your property will then be sold and the money will be used to pay off your creditors.
  • Chapter 11 Bankruptcy: Also called a reorganization bankruptcy, this type of bankruptcy is mostly utilized by businesses, as well as some individual debtors with very large amounts of unpaid debt. Whether you are a business representative or an individual, you should consult a bankruptcy attorney, if you are considering this option in Denver, CO.
  • Chapter 12 Bankruptcy: A severely limited type of bankruptcy that is reserved for family farmers.
  • Chapter 13 Bankruptcy: Also known as a debt adjustment bankruptcy, this bankruptcy option requires you or your Denver, CO Chapter 13 bankruptcy attorney to file a court-approved plan to repay your debts using your current level of income.

Most individuals who seek to file personal or joint bankruptcy are required to file either chapter 7 or chapter 13 bankruptcies. It is very important for both individuals and companies to consult an experienced bankruptcy attorney before attempting to file any type of bankruptcy in Denver, Colorado.

Can Filing Bankruptcy Make My Life Any Easier?

Filing bankruptcy in Denver, CO with the expert guidance of a skilled bankruptcy attorney can present multiple possibilities when it comes to handling your debt, including:

  • Freeing you from the obligation of paying certain debts. This debt forgiveness is called discharge.
  • Stopping the foreclosure process on your mortgage and providing an opportunity to catch up on missed payments.
  • Preventing the repossession of your personal property.
  • Forcing a creditor to return your previously repossessed property.
  • Stopping wage garnishments.
  • Restoring utility services.
  • Challenging the claims of creditors who may have committed fraud.

What Are The Limits Of Bankruptcy In Denver, CO?

Bankruptcy is not the best option for every person or for every financial problem. A highly qualified bankruptcy attorney should always be consulted before you even considering taking bankruptcy action in Denver, CO. Even in cases of bankruptcy, there are certain actions that cannot be taken. Bankruptcy cannot:

  • Eliminate the rights of your secured creditors. A secured debt is one that is attached to actual collateral. You might be able to force a secured creditor to accept repayment through payments over time through the bankruptcy process, but you are not permitted to keep collateral without at least paying on the debt.
  • Discharge certain special kinds of debts, including child support, spousal support, student loans, criminal fines, and certain tax debts.
  • Discharge debts for your cosigners. If you discharge a loan in bankruptcy, any cosigners might still have to repay that loan.
  • Discharge new debts created after bankruptcy has been filed.

What Is The Cost Of Filing Bankruptcy In Colorado?

The current cost to file bankruptcy under Chapter 7 in Colorado is about $300. It currently costs slightly less to file a Chapter 13 bankruptcy. This price stays the same regardless of whether the bankruptcy is for one individual or a married couple. It may be possible that the court will permit you to pay the filing fee in monthly or weekly installments, if you do not have the ability to pay it all at once. If you hire a Denver, CO bankruptcy attorney, you will also be responsible for paying his or her fees, which are generally considered to be a very worthy investment.

Am I Allowed Own Property After A Bankruptcy?

It is a common misconception that people will not be able to own anything of any value for a specific period of time after they have filed for bankruptcy. This is not at all true. You will be entitled to keep your exempt property and obtain new property after your bankruptcy is filed. However, if you receive certain assets, such as an inheritance or life insurance policy benefits within 180 days of your bankruptcy, those funds might need to be given over to your creditors. You should always check in with your Denver, Colorado bankruptcy attorney when you are unsure of which assets are exempt.

Douglas D. Koktavy, Esq.

Call Now For A Consultation
(303) 758-6601