Foreclosure Avoidance
If you have fallen behind on your mortgage payments, or afraid that you might soon fall behind on your payments, then the first thing that you should do is talk to an attorney regarding your options. Be proactive. The earlier you contact an attorney, the better your chances for finding the right solution for you.
There are several options available to homeowners who are late on their mortgage payments such as forbearance, loan modifications, deed in lieu of foreclosure, and bankruptcy. Under these options, you can stay in your home and catch up your missed mortgage payments over the next five years, stay in your home and lower the monthly payment, get rid of a mortgage deficiency, and in some cases, remove your second mortgage.
You have more rights and options than you know. The worst thing to do is nothing. Heupel Law can offer more advice and helpful resources to homeowners facing foreclosure during our free initial consultation. |
Debt Negotiation
Debt negotiation, also called debt settlement, is a legitimate option for debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Through debt negotiation, creditors may accept payment that is less than the full amount of the debt owed - often at a savings of 40-60% from the original balance. With our debt settlement program, your debt is actually reduced, not just consolidated.
Heupel Law has been able to successfully settle or negotiate many of our clients' debts for substantially less than the balance owed. Most large banks have systems in place designed to reduce payoff balances. These systems take into account various factors when deciding whether to settle your debt and for how much, but nearly all creditors will settle your debt.
Typically, we can settle the following debts: credit cards, medical bills, unsecured loans, collection accounts, and deficiencies from foreclosures and repossessions. Our experienced debt-negotiation attorneys are available to help answer your questions at no charge. We offer free consultations and will help you determine if you are a good candidate for a debt reduction program. |
Bankruptcy
Bankruptcy can be a devastating blow to an individual, a small business, or a multi-million dollar corporation. The allocation of funds, audits, asset protection, and creditor claims is sometimes too much for the staff of one corporation to handle, let alone a single individual. Our bankruptcy lawyers can help you preserve your assets and eliminate your debts in a honorable and efficient manner. For a free bankruptcy evaluation, please visit·www.COBankruptcyHelp.com. |
Chapter 7
What is Chapter 7 bankruptcy?
Learn about Chapter 7
Chapter 7 bankruptcy is a process provided for under United States federal law. Chapter 7 wipes out most unsecured debt and gives you a fresh start.
Chapter 7 bankruptcy is a liquidation proceeding in which the debtor’s non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities established in the Code.
Eligibility to file Chapter 7 is determined by the means test instituted with the 2005 amendments to the bankruptcy code.
In most consumer cases, all the assets are exempt, and therefore there are no assets to liquidate and there is no dividend to creditors. Chapter 7 is generally the simplest and quickest form of bankruptcy and is available to individuals, married couples, corporations and partnerships.
Some common debts that are wiped out in a Chapter 7 are credit cards, medical bills, and deficiencies on repossessed vehicles. Even taxes older than three years can be discharged in a Chapter 7.
Typcially, the only debts that are not eliminated are student loans, child support, alimony, taxes incurred within the last three years, and restitution.
A benefit to filing bankruptcy is that it puts into effect something called the “automatic stay.” The automatic stay immediately stops your creditors from trying to collect money from you. At that point, creditors cannot legally garnish your wages, empty your bank account, take your car, house or other property.
It is important to meet with an attorney when filing a Chapter 7 because most people who try and file themselves are unaware that some assets, money in the bank, and tax refunds can be taken by the trustee appointed in your case. However, with proper planning, those issues can be avoided. |
Chapter 13
What is Chapter 13 bankruptcy?
Why choose Chapter 13 over Chapter 7 bankruptcy?
Although Chapter 7 is the more common form of bankruptcy, there are several reasons why people select Chapter 13 instead:
1. You can remove a second mortgage from your home if the home value is less than the first mortgage.
2. You have valuable nonexempt property.
3. You can pay your car off for what it is worth rather than what you owe.
4. You’re behind on your mortgage or car loan. In Chapter 7, you’ll have to give up the property or stay current on your payments during your bankruptcy case. In Chapter 13, however, you can repay the arrears through your plan and keep the property by making the payments required under the contract.
5. You cannot file for Chapter 7 bankruptcy if you received a Chapter 7 or Chapter 13 discharge within the previous eight years. However, you can usually file for a Chapter 13 despite having recently received a discharge.
6. You have debts that cannot be discharged in Chapter 7.
7. You have co-debtors on personal (nonbusiness) loans who need protection from creditors. In Chapter 7, the creditors will collect from your co-debtors. In Chapter 13, the creditors may not seek payment from your co-debtors for the duration of your case.
8. You make too much money to qualify for a Chapter 7, but not enough money to pay your credit cards or other bills.
Chapter 13 bankruptcy is a repayment plan that protects the debtor from collection action during the case and discharges any unpaid balance of dischargeable debts at the end of the plan.
In Chapter 13, the debtor can impose a debt management plan on creditors, which creditors must accept, stopping the running of interest on credit card debt. The court will enforce the plan against uncooperative creditors. Compare the benefits of 13 with debt management or debt repayment plans.
The discharge in Chapter 13 covers many debts that cannot be discharged in Chapter 7. It is a powerful tool for debtors to regain control of their financial lives and to get a meaningful fresh start.
To file Chapter 13, you must be an individual (no corporations or partnerships); have a regular income greater than your reasonable living expenses; have liquidated, unsecured debts not exceeding $336,900 and secured debts not exceeding $1,010,650.
While you can only file Chapter 7 every 8 years, you can file a Chapter 13 bankruptcy even if you got a discharge in a Chapter 7 case filed at least 4 years ago. Under the amended Bankruptcy Code, you can file a second Chapter 13 within two years of filing a previous Chapter 13. |
Collection Abuse
In these uncertain times, millions of Americans are suffering from overwhelming debt caused by a loss of a job, lower income, divorce, or unexpected medical bills. Falling behind on your debts is stressful enough without the harassment of debt collectors.
Debt collectors must treat you with truth, fairness, dignity, and respect. No exceptions. Federal and Colorado law protects consumers against unfair, deceptive, and abusive debt collection practices. The primary law that protects consumers is the Fair Debt Collections Practices Act (FDCPA). This law protects consumers like you from being harassed or mislead by debt collectors.
Heupel Law protects consumers from abusive and illegal debt collection practices. Our firm believes you have the right to be treated with dignity and respect, even if you do owe the creditor money.
If you have suffered from any abusive bill collection practices, you may be entitled to compensation. The FDCPA awards a minimum penalty of $1,000 payable to you. If we agree to represent you in your FDCPA case, you will not pay any attorney fees because the FDCPA permits you to have the abusive debt collector pay your legal fees. |
Professional Licensing
If you are under investigation, been denied a professional license, or have been contacted by an administrative agency, it is important to have legal representation. If your professional license is threatened with revocation, probation, or suspension, it is even more important to have legal representation.
Since our inception, Heupel Law has successfully represented physicians, nurses, dentists, midwives, chiropractors, and other licensed professionals in application denials and disciplinary licensure matters. Heupel Law will represent you during the complaint stage, settlement and negotiation, mediation, and the formal administrative law hearing. Heupel Law is approved by several malpractice carriers to handle such cases.
If you are in danger of losing your professional license, or have been denied a Colorado license to practice, the experienced attorneys of Heupel Law may be able to help you. |
Estate Planning
No one likes to think of dying and many fear the government will decide who gets their assets upon their death. Heupel Law's estate practice includes the preparation of appropriate wills, trusts and other planning techniques for you, your family members and/or business interests. We use an asset protection approach to our estate planning where our goal is to protect your assets from creditors and minimize estate taxes.
In addition to the specialty areas listed above, Heupel Law provides a variety of legal services. Our lawyers have several years of litigation experience and can handle a variety of lawsuits. Please contact our office and we'll be happy to help you. If we cannot, then our firm will refer you to an attorney who can. |
Loan Modification
The term “loan modification” has been getting a lot of attention by homeowners, lenders, the government, and will continue to do so in the foreseeable future. Currently, one quarter of homeowners are behind on their mortgage payments. There are millions of homeowners trapped in adjustable rate mortgages with no options to refinance given that home values are dropping
If you are having problems paying your mortgage, you may be eligible to modify the terms of your existing mortgage. If you are someone who thought refinancing your home would be a good option, then a loan modification is going to be your best option. Loan modifications in many cases are the only way to assist struggling borrowers and save their homes.
Our firm may be able to reduce your interest rate, which can result in a lower monthly payment making your home affordable. Sometimes we can change an adjustable rate mortgage to a fixed rate, reduce principal, stop foreclosure, eliminate or cure arrearages. Our goal is simply to modify your mortgage to make your home affordable.
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Areas of Practice
