WELCOME LONGMONT - BOULDER ATTORNEYS
EXPERTS IN BANKRUPTCY
LAW OFFICE OF NICK WIMMERSHOFF. PC and
the KENNEDY LAW FIRM, PC
Welcome to the "Bankruptcy Only" Attorneys
BOULDER, LARIMER AND WELD COUNTIES
LOW FEES - beginning from $ 699
FILE NOW AND PAY FILING FEES LATER
GET YOUR FRESH START TODAY
LONGMONT- ERIE - LAFAYETTE - BOULDER - LOVELAND - GREELEY
Boulder Bankruptcy Lawyers
EXPERTS IN ALL CHAPTERS*
PERSONAL & BUSINESS (CH 11)
* combined experience over 50 years
More traditional website: findlaw-nickwimmershoff.com
for Cyndi: kennedylawyer.com
(click on the link at the bottom of this page)
but don't go there yet - first, relax and read this
(IF YOU DON'T HAVE 20 MIN. COME BACK LATER -
BECAUSE YOU WANT TO THINK AS YOU READ THIS)
HI: This website is intentionally informal.
Remember, you want to know what time it is; not
instructions on how to build a clock. It is our
hope that this gives you specific information on
many important bankruptcy questions. If you
think we should include more send either of us an
e-mail and we will consider it. Your feed back is
important to us.
YOU PROBABLY GOT HERE BY SEEING OUR ADS ON IN A POPULAR LOCAL
NEWSPAPER, SLICK MAGAZINE OR THE INTERNET, SO HERE WE GO:
GET DEBT RELIEF HERE
STOP - harassing phone calls - STOP
- lawsuits - garnishments
- do not do a short sale -
Why should I file bankruptcy
instead of working with a debt relief clinic?
short answer: 1) Because you will get ripped off by non-
attorney supervised or out of state debt relief agencies!!!
2) Because you are financially strapped and
3) Because filing in the UNITED STATES BANKRUPTCY
COURT is the cheapest, fastest, safest way to deal with your
MANY PEOPLE ARE UNDER THE MISUNDERSTANDING THAT
BANKRUPTCY IS NOT FOR THEM. THIS IS THE RESULT OF THE MEDIA
AND "SIDEWALK" LAWYERS (bartenders, nails and hair people, crossing
guards) ADVISING THAT "THE LAWS HAVE CHANGED" "YOU CAN'T FILE
BANKRUPTCY ANYMORE" - OR THAT YOU NEED A "MEDICAL
DISCHARGE" OR THAT YOU CAN NOT DISCHARGE TAXES OR CREDIT
CARDS. THIS IS ALL NONSENSE AND THE SAD PART IS THAT PEOPLE
ARE CONVINCED THAT BANKRUPTCY IS NOT FOR THEM. THEY LOSE
THE INCENTIVE TO JUST CALL AND FIND OUT.
THE NAME "BANKRUPTCY COURT" IS AN UNFORTUNATE TERM
BECAUSE MOST PEOPLE ASSOCIATE IT WITH THE IDEA OF
"DEADBEAT". IN FACT, THE BANKRUPTCY COURT IS THE STRONGEST
TOOL FOR REORGANIZATION OF PEOPLES AFFAIRS. FOR INSTANCE A
CHAPTER 13 REORGANIZATION STOPS THE IRS FROM ASSESSING
PENALTIES AND INTEREST THE DAY YOU FILE. YOU CAN ALSO REDUCE
YOUR VEHICLE PAYMENTS AND STRIP OFF OVERBEARING SECOND
MORTGAGES THAT ARE NO LONGER SUPPORTED BY HOUSE VALUES.
NO DEBT RELIEF CLINIC CAN DO THIS FOR YOU.
LARGE BUSINESS HAS BEEN USING THE BANKRUPTCY COURTS FOR
YEARS. ABRAHAM LINCOLN, HENRY FORD, WALT DISNEY, DONALD
TRUMP AND NOW BUSINESS AFTER BUSINESS HAVE SOUGHT
WHY NOT USE A NON-LAWYER SUPERVISED "DEBT RELIEF CLINIC"?
DO NOT BE FOOLED BY "DEBT RELIEF CLINICS" OR "DEBT
CONSOLIDATION" CLINICS THAT ARE NOT LAWYER DRIVEN - MOST ARE
OUT OF STATE AND PREY ON PEOPLE'S EMOTIONS AND FEAR. THE
WORST ARE THE "CHRISTIAN DEBT RELIEF CLINICS." They prey on guilt
and pretend to uphold the moral fabric. It is just another leader getting to
people who want to do "right". Do not buy it. THEY ARE NOT
REGULATED AND CONTROLLED LOCALLY. ON THE OTHER HAND,
LAWYERS SUCH AS MYSELF, ARE LOCALLY REGULATED AND HAVE
TOTAL ACCESS TO ALL STATE COURTS AND THE US BANKRUPTCY
COURT. WE LAWYERS ARE HELD ACCOUNTABLE.
REMEMBER THIS. NOTHING, ABSOLUTELY NOTHING,
NOTHING, IS CHEAPER AND MORE ACCOUNTABLE TO YOU
THAN THE BANKRUPTCY COURT FOR DEALING WITH DEBTS.
YOU CAN NOT PROTECT YOUR CREDIT RATING
BY USING DEBT RELIEF CLINICS. SUCH A CLAIM IS
JUST A LEADER. ANY ENTRY ON YOUR CREDIT REPORT STATING THAT YOU "SETTLED" WITH A
CREDITOR WILL MAR YOUR CREDIT. A "CHARGE OFF" DOES NOT MEAN NO ONE WILL COME AFTER
YOU FOR THE DEBT; IT DOES MEAN IT WILL NOW GO OUT TO A COLLECTION AGENCY.
WHAT ABOUT SHORT SALES? WON'T A "SHORT SALE" LOOK BETTER ON MY CREDIT
REPORT THAN A FORECLOSURE?
FACT: NO NO NO
YOU GAIN ABSOLUTELY NO BENEFIT FROM ENGAGING IN A "SHORT SALE". BUT YOU
CERTAINLY INVITE PLENTY OF HASSLES. FIRST FROM THE LENDER WHO GOT SHORTED
AND SECOND FROM THE IRS. THE ONLY ONE TO BENEFIT FROM THE SHORT SALE IS THE
LENDER AND THE REALTOR; NOT YOU!! IT IS BETTER TO LET YOUR PROPERTY GO INTO
FORECLOSURE THAN TO DO A SHORT SALE. A SHORT SALE WILL NOT SAVE YOUR
CREDIT RATING. THE "SHORTED" MONEY, THAT WHICH YOU OWE BUT CAN NOT BRING
TO CLOSING, WILL BE TREATED AS INCOME TO YOU BY THE IRS. YOU WILL BE SENT A
FORM 1099-A, Acquisition or Abandonment of Secured Property BY THE LENDER WHO GOT
"SHORTED". IT WILL ALSO GO TO THE IRS AND YOU WILL BE HELD ACCOUNTABLE FOR
THE "SHORT" AMOUNT. FURTHER, NEVER SIGN A PROMISSORY NOTE FOR THE SHORT
SALE AMOUNT. WHAT TO DO? MOST PEOPLE MAKE MISTAKES BECAUSE THE ARE
SCARED AND DON'T KNOW WHAT TO DO. THIS IS YOUR CHANCE TO GET THE FULL
STORY. CALL ME. IT IS FREE. WHY FREE?
TO EDUCATE THE PUBLIC.
AND ONE MORE THING WE HEAR - "DISCOVER CARD called
me and offered to cut my balance from $11,000 to $5,750 if I
could pay them now. Can't I get all of my credit cards to
reduce my debt?" First of all you still have to come up with
the money. Second, what they do not tell you is that if you
make the above deal they will report, to the IRS, that you
negotiated down your debt. Guess what. That $5,250 you
think you saved will come back to you as income for tax
purposes. Just like the short sale balance.
REMEMBER: Non-attorneys cannot represent
people in bankruptcy court and companies that
promise otherwise are always in business to
Are You in Financial Trouble??? Read the
following. Based on years of experience these
are the signs.
Everyone’s financial situation is different, but
there are a few indicators that your finances are
already in trouble, or on a fast track there. Often
people do not realize the seriousness of their
financial situation because of they are living week-
to-week. It is important to take a step back and
assess your financial situation, to help you decide
if you should have a consultation with a
Below are some signs you may be in more
financial trouble than you think:
You are not sure how much you owe. If this is the
case, gather all of your credit card bills and loans
together and add up the balances. You are
entitled to receive a free credit report from all
three credit reporting bureaus, once per year. If
you can’t pay the total amount off within five
years then you have a problem.
You only pay the minimum monthly payments on
your credit cards. Although credit card
companies recently increased minimum monthly
payments, you are not chipping away at the
principal unless you pay more than the minimum.
Because of the interest rates, you could make
minimum payments for the rest of your life and
still never completely pay off the debt.
You use one credit card to pay off another or you
are using credit to pay your monthly expenses,
such as groceries or utility bills. If you don’t have
any cash left over for necessities after you pay
your credit card bills, you are getting deeper in
debt every week. You should not be spending
more than twenty percent of your net income on
credit card bills.
You use one credit card to pay another. Although
low interest or no interest credit card offers come
in the mail every day, “surfing” your debt (moving
the balance of one card to another card) is a sign
you are carrying too much debt. Also, using cash
advance checks from one card to deposit money
into your checking to pay on another card is a
serious sign that you are in trouble.
Creditors are harassing you or a creditor is suing
you. Collectors are persistent and not very
pleasant. Getting calls from them can increase
your anxiety and even cause you to lose sleep. If
you’re screening your phone calls – not
answering until you know whether or not the
caller is a collector – you’re in debt over your
head. Furthermore, if the creditor sues your
wages can be garnished, your bank account can
be frozen, or a lien can be taken against your
You are dipping into your savings or your (401k)
retirement to pay bills. Your “golden years” will
not be golden if you have not protected the money
you set aside for retirement.
You are taking out “payday” loans or pawning
your belongings to come up with cash. These
practices cost you money – you pay a fee for the
payday loan and pawnbrokers do not give you full
value on your belongings. Sadly, if you keep
going down the same road you will not have the
funds to buy the items back.
You “float” checks – or bounce them. Check
floating means you send a check to pay a bill,
hoping the vendor isn’t going to cash it until your
paycheck hits the bank. This is illegal in some
states. If the check is cashed before your
paycheck gets there you will have bounced a
check and have to pay bank fees.
If you find you are doing even half of the things
listed above, you should make a telephone call to
me. It's free and in a few minutes I can help you
analyze your financial situation and recommend a
course of action that will help you get out of
trouble. Once you have diagnosed the problem
and talked to an expert you will begin the process
of regaining your financial health.
SHOULD I FILE CHAPTER 7 OR CHAPTER 13?
Chapter 7 is a straight liquidation of your debt.
You file and your debts are gone. You pay for
what you keep and "dump" what you do not
want. All the debts become discharged and you
are done; but you have to qualify (means test) and
you lose the 4 advantages of Chapter 13.
Chapter 13 Bankruptcy May Be Your Best Option
Chapter 13 has always been an option for
individuals, couples, and sole proprietors (not
corporations) who are struggling financially.
Since the changes to the Bankruptcy Code under
BAPCPA in 2005, more people may have to opt to
file Chapter 13 rather than Chapter 7. When a
debtor’s income exceeds the state’s median
income, (MEANS TEST) he/she may not be able to
file Chapter 7 because the law determines that
there is a surplus available to repay a portion of
Debtors are subjected to a calculation called "the
Means Test” if their current monthly income is
higher than the state median for a family of the
same size, as set by the U.S. Census Bureau.
I can “run” the Means Test, and if there is
disposable income remaining in your budget after
you have deducted allowable basic living
expenses set by the IRS, you will likely have to
file Chapter 13 Bankruptcy.
Your Chapter 13 payment is not dependent on
the amount you owe creditors; it is calculated by
subtracting your expenses from your income
leaving what is called "projected disposable
You may only be required to pay a small
percentage on the dollar to your creditors, and
the payments required to be paid with a Chapter
13 plan are substantially smaller than if the debtor
made payments to the creditors directly. This is
in part because the creditors will not be paid with
the contract and/or default rate of interest.
Unsecured creditors will not be paid any interest.
Monthly payments are made to the trustee of the
bankruptcy court over three to five years and the
trustee is responsible for disbursing the funds to
the creditors; sort of like debt consolidation but
much less expensive to you. The unsecured
creditors do not get paid until the end of the plan.
Chapter 13 also provides a great opportunity to
bring past due mortgage payments current, to pay
priority tax debts in full but discharge the rest; or
to catch up on unpaid child support obligations.
Speak with us for guidance on how Chapter 13
may be available to help you with your financial
Ask us about strip offs and cram downs.
CALL EITHER OF US FOR A FREE EVALUATION
(303) 776-5900 (303) 604-1600
DONE HERE, FOR MORE INFORMATION ON MY OTHER SERVICES AND MORE ON "STRIP OFFS" AND