Are you considering filing for bankruptcy in Colorado Springs?

If you are faced with a difficult financial situation, you can turn to a dedicated and highly respected bankruptcy attorney at Torbet Tuft & McConkie. At our firm, we have 70 years of combined legal experience in providing outstanding representation to our clients throughout the Colorado Springs area. If you are considering filing for bankruptcy, we can walk you through the process with the confidence and experience you need. When you work with our firm, you will be working with lawyers who provide cost-effective and personalized representation.

Our team can assist you with any of the following:

Alternatives to Bankruptcy
Did you know that there are multiple alternatives to filing for bankruptcy? If you’re not ready to file right away, or if you are still looking for a different solution to your financial problems, our team can help you discover alternatives you may be eligible for.

Chapter 7

Chapter 7 is a bankruptcy designed to discharge (cancel) your general unsecured debts such as credit cards and medical bills. It will cease garnishments and civil lawsuits, stay foreclosures and threatened repossessions, but you will need to become current on secured debts in order to avoid such creditors from asking the Court for relief from stay to recommence the foreclosure and/or repossession. Most average person’s property is exempt and, therefore safe from loss. You will be able to choose to keep or surrender your home and/or vehicles in most cases. There are income restrictions, but Torbet Tuft & McConkie has assisted many clients to qualify for a Chapter 7 Bankruptcy even though they thought their income was too high. Torbet Tuft & McConkie would be happy to discuss the Chapter 7 qualification process and help determine if it’s right for your financial situation.

Do you want to file a Chapter 7 Bankruptcy but think your income may be too high?
Even if your household income is higher than the threshold set forth by the United States Trustee, you may still qualify for a Chapter 7 Bankruptcy by moving through the second tier of the Means Test. Torbet Tuft & McConkie has been quite successful in assisting clients through and passing the second tier of the Means Test! Call for a free consultation to see if you might qualify for a Chapter 7 Bankruptcy, even if your income is above the applicable median family income.

Click here to read more about Chapter 7 bankruptcy.

Chapter 11

Business owners who are looking to file for bankruptcy can file under Chapter 11. This is available to small business owners as well as corporations and proprietorships. This form of bankruptcy can help consolidate debts and repay loans while still maintaining your business.

Chapter 13

Chapter 13 is a bankruptcy in which you pay some or all of your debts over a 3 or 5 year period, depending upon your income, after which period the remaining dischargable debt is discharged (canceled). If you are significantly behind on your secured loan payments and wish to retain the collateral, a Chapter 13 allows you to pay the arrears over time during the pendency of the plan. You are able to keep all property, even it would not have been exempt in a Chapter 7. Let the attorneys at Torbet Tuft & McConkie conduct a financial analysis at a free consultation to see if a Chapter 13 Bankruptcy would be right for you.

Click here to read more about Chapter 13 bankruptcy.

Discharging Debt

If you are burdened by large amounts of debt, our attorneys at Torbet Tuft & McConkie can help you find the best way to discharge that debt. We can discuss your goals and come up with an option that works best for you.
Means Test

To find out which bankruptcy chapter you should use, you need to take the means test. This test assesses your financial abilities and may allow you to qualify to file under Chapter 7 bankruptcy.

Foreclosure Defense
If your home is facing foreclosure, filing for bankruptcy may save your property. When you file for bankruptcy, an automatic stay will be placed on the foreclosure proceedings and you may be afforded time to reorganization your debts.