303.429.0419

9035 Wadsworth Parkway Suite 4500

Westminster, CO 80021

Bankruptcy in Colorado

Shelter from the Storm, Relief from Debt, and Protection from Creditors

Are you feeling discouraged or hopeless about your financial situation?  Are you worried that you will never escape from your creditors?  Are you afraid to answer your phone when it rings for fear of harassing collection calls?

You don’t need to feel hopeless. You are not alone—many people find themselves facing financial storms and what feels like insurmountable debt. We understand what you are feeling and can help you create a plan for getting out of debt and getting on with your life.

A path to financial stability and freedom

If you are overwhelmed by sky-rocketing interest rates, mortgage payments, credit card bills, or unrelenting collection calls, it may feel like all your time and efforts are devoted to dealing with your debt, rather than doing the things you enjoy.  But there is good news—several options exist to help you overcome your financial difficulties, no matter how dire they seem.

Charles E. Longtine, P.C. can advise and assist you in:

  • Stopping wage garnishment and foreclosure
  • Stopping harassing phone calls
  • Putting an end to financial guilt

Better protection through bankruptcy planning

Our firm emphasizes taking advantage of the tools available under bankruptcy law to protect your assets and income, leaving you in a better position during and after the bankruptcy process. We use creative techniques to convert assets that your creditors might take from you into resources that you can continue to use for the benefit of you and your loved ones.

Get out of debt, and on with your life

There is no need to wait until creditors are garnishing your wages or threatening to foreclose on your home. If you need help with the burden of debt the first step in resolving your financial problems is to contact The Law Offices of Charles E. Longtine, PC today, or call 303-429-0419 to schedule an appointment.

What are the options?

Below are some of the major options with respect to financial difficulties and coming up with a reasonable plan to get out of debt.  Before you make any major decisions or changes, it is usually wise to consult with an attorney specializing in asset protection and bankruptcy. 

  1. Increase income (job; better job; second job; overtime; etc.). This is easier said than done, especially in a difficult economy.  With all the commitments and stress in our lives, sometimes we are too weary to take on more hours or another job.
  2. Decrease spending and expenses (“beans and rice budget”).  It might be necessary to: (a) go through our budgets and determine whether we really need the things we spend money on; (b) prioritize expense items and eliminate the lower priority items.  But sometimes it comes down to buying groceries for our loved ones versus paying the creditors who care nothing for us.
  3. Liquidate/sell assets.  Some people have assets they don’t necessarily need, and can afford to sell such asset and use the proceeds for living expenses and/or paying down debt.
  4. Refinance or borrow against assets with equity.  Instead of selling assets, some people decide to borrow against equity in an asset, get cash at closing, and use the proceeds for living expenses and/or to pay down debt.  Examples include Home Equity Lines of Credit (HELOC), 401(k) Loans, etc.
  5. Negotiate with creditors.  Sometimes it is possible to negotiate with creditors in order to lower interest rates, monthly payment amounts, principal balances, and/or settle for less than what is owed, etc.  Creditors often will not work with you unless you are behind in payments and your credit score has been damaged as a result of late- or non-payments.  Negotiating with creditors could include modifications of mortgages on your home or other real estate.
  6. Borrow money from other sources at lower interest rates and otherwise better terms.  Once you find yourself in a place of financial hardship, most banks will not be willing to lend you money, especially on good terms.  At that point, family or friends are sometimes willing to provide assistance. 
  7. Debt consolidation/settlement programs.  I do not recommend these programs in most cases, and I am not aware of many success stories.  For this option to work, typically there must be (a) a small number of creditors, (b) the creditors must all agree, (c) you must be able to make the payments, (d) you often times need some cash up front.  Even if there is one creditor who does not agree, it can disrupt the whole plan.
  8. Forgiveness or release of debt from creditors.  Most multi-national banks and other lenders don’t have forgiveness as part of their business plan—they are not charity organizations.  Regardless, I have seen instances of this that have surprised me.  Family and friends are typically more forgiving of debt than unrelated parties.
  9. Financial miracle or unexpected blessing.  I have had clients who were going to file bankruptcy and later called me, saying things like: “Chuck, I don’t have to file bankruptcy!  I just inherited $100,000 from my Aunt Matilda!”
  10. File Bankruptcy.  I define “bankruptcy” as: “God- and government-imposed forgiveness and cancellation of debt, legally releasing the debtor from some or all of their financial obligations.”  When I say “some or all,” certain debts are typically not dischargeable in bankruptcy, including: (a) recent tax liabilities, (b) domestic support obligations, (c) student loans, (d) secured debts for property you want to keep (like houses or cars), etc.  Bankruptcy has its origins in ancient Biblical law recorded in the Bible in Deuteronomy chapter 15, where God established a form of mercy and grace releasing debtors from their financial obligations every seven years, giving them a fresh financial start and new season in life.  It was a vivid image or picture of what forgiveness of sins is, so that people could better understand what God’s forgiveness is like.  Jesus often told parables comparing forgiveness of sins to forgiveness of financial debt and obligations.  Our present bankruptcy law and system is based on the Biblical model.  Creditors often anticipate that some debtors will file Bankruptcy, and they typically include that in their business plans. 

Call us at 303-429-0419 to talk with an attorney or schedule an appointment!