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Are you considering filing for bankruptcy in Colorado Springs?

If you are faced with a difficult financial situation, turn to a dedicated and highly respected bankruptcy attorney at Torbet & Tuft. We provide cost-effective and personalized representation, and we have over half a century of combined legal experience. If you are considering filing for bankruptcy, we can walk you through the process with the confidence and experience you need.

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 and stay foreclosures and threatened repossessions, but you will need to become current on secured debts such as auto and home loans in order to avoid secured creditors from asking the Court for relief from stay to recommence the foreclosure and/or repossession. The average person’s property is largely exempt and therefore safe from loss. You will be able to choose to keep or surrender your home and/or vehicles in most cases.

Do you want to file a Chapter 7 Bankruptcy but think your income may be too high?
Income restrictions limit who can file, but Torbet & Tuft’s bankruptcy attorneys have assisted many clients to qualify for a Chapter 7 bankruptcy even though they thought their income was too high. We would be happy to discuss the Chapter 7 qualification process with you to help determine if it’s right for your financial situation.

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 dischargeable debt is 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 if it would not have been exempt in a Chapter 7 bankruptcy. Let the attorneys at Torbet & Tuft conduct a financial analysis at a free consultation to see if a Chapter 13 Bankruptcy would be right for you.

Discharging Debt

If you are burdened by large amounts of debt, our attorneys 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 determine 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.