The Law Office of Chris D. Hefty
(970) 593-1016
1635 Foxtrail Dr. Suite 318
Loveland, CO, 80538
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If I’m Current on My Mortgage, Can I Keep My House through Chapter 7 Bankruptcy?

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Can I Keep My House During Chapter 7 | Loveland, Colorado Bankruptcy Attorney | The Law Office of Chris D. HeftyAs a Loveland, Colorado bankruptcy attorney, I field many questions from clients who are unsure about the bankruptcy process. With each question, I carefully take the time to explain the options in relation to their circumstances, and help them to make the choice that is right for their financial situation.

A frequent question I receive is in regards to home ownership: “If I’m current on my mortgage, can I keep my home in Chapter 7 bankruptcy?”

The answer in most circumstances is yes—if all of your equity in the home is exempt. The next question, of course, is, “What is exempt equity?” [Read more…]

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Sbarro Files for Chapter 11 Bankruptcy

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Sbarro Files Chapter 11 Bankruptcy | Loveland, CO Bankruptcy Attorney | The Law Office of Chris D. HeftyLast time you went to the Park Meadows Mall or Town Center at Aurora, you may have enjoyed a hot slice of pizza from Sbarro. While the friendly face behind the counter may not have tipped you off, the pizza company is experiencing some financial trouble and recently filed for bankruptcy for help.

The pizza chain hopes to secure financing for a streamlined restructuring. The Chapter 11 filing, according to a report from FOX Business, is the second bankruptcy filing in just over two years for the privately owned chain.

Sbarro is based in Melville, New York and has over $140 million in debt. In an effort to cut down on costs, the company announced in February that it plans to shut down 155 of its 400 North American restaurants.  [Read more…]

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12 Money Mistakes that will Put You in Debt: Part 2

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12 Money Mistakes that Will Put You in Debt | Part 2 | Fort Collins, CO Bankruptcy Attorney | The Law Office of Chris D. HeftyIn my last post, I discussed six mistakes many Americans make with their money that ultimately lands them in serious debt. As an experienced Colorado bankruptcy attorney, I realize not all debt is incurred at the fault of the debtor; in many instances, an unexpected life event, such as surprise medical bills or job loss, can severely hurt your financial well-being.

Unfortunately, there are instances where debt it is accumulated at the fault of the debtor, mostly due to a misunderstanding as to how to best handle their finances.

If you missed the first six money mistakes to avoid, check them out in my last post. As promised, here are the final six tips: [Read more…]

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12 Money Mistakes That Will Put You in Debt: Part 1

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12 Money Mistakes that will Put You in Debt | Part 1 | Loveland, CO Bankruptcy Attorney | The Law Office of Chris D. HeftyAs a Loveland, Colorado, bankruptcy attorney, I speak with many clients who have suffered from serious financial misfortune. In many instances, they are seeking refuge from their debts after a serious medical situation or unexpected twist in their life.

While most debt I see isn’t caused by any fault of the debtor, there are instances where a person could have better prepared himself or herself financially. In an effort to help out Coloradans (and their bank accounts), I recently found an article from Money Talks News that I believe gives some helpful tips.

The article describes 12 common money mistakes that Americans make. As we want to dive briefly into each, here are the first six (final six to come in my next post). If you avoid these mistakes, you’ll have a better chance of staying afloat financially. [Read more…]

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When Should I File for Bankruptcy?

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When should I file for bankruptcy | Loveland, CO Attorney | The Law Office of Chris D. HeftyWhen debt becomes seemingly too much to bear, you can easily become confused as to what course of action is best for you and your family. You’ve likely heard of bankruptcy as an option, have no idea if that is a good solution for your circumstances.

As a Loveland, Colorado, bankruptcy attorney, I discuss debt with clients on a daily basis. More often than not, clients tell me the biggest challenge they faced was knowing when it was time to file for bankruptcy, or at least contact an attorney to discuss the option.

In an effort to help you identify the proper time to file for bankruptcy, I recently came upon a helpful post from Money Talks News. [Read more…]

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Larimer County, Colorado Bankruptcy Means Test Calculator

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Larimer County Bankruptcy Calculator | Loveland, CO Attorney | The Law Office of Chris D. HeftyFiling for bankruptcy in Larimer County can be an extremely confusing process. One of the most challenging aspects is determining whether or not you are eligible for Chapter 7 bankruptcy.

There is never a substitute for having a qualified and experienced bankruptcy attorney on your side, but to help give you an idea of whether you are eligible, I recently found a Bankruptcy Means Test Calculator for Larimer County.

The calculator applies the formulas, regional income and expense standards, and calculations of the new means test that was a cornerstone of BAPCPA. [Read more…]

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What Is the Colorado Homestead Exemption in Bankruptcy?

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Colorado Homestead Exemption | Loveland, CO Bankruptcy Attorney | The Law Office of Chris D. HeftyAs a bankruptcy attorney in Loveland, Colorado, clients often ask me about exemptions specific to our state.

One such exemption that applies to many Colorado citizens filing for bankruptcy is the Colorado Homestead Exemption.

To help explain the Colorado Homestead Exemption, which works in both Chapter 7 and Chapter 13 bankruptcies, here are some fast facts from Nolo.

Amount

Under the state’s exemption system, Colorado homeowners may exempt up to $60,000 of their home or property covered by the homestead exemption. If the homeowner (or the homeowner’s spouse or dependent) is disabled, or if he or she is 60 years old or older, the exemption is raised to $90,000. [Read more…]

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Former Teen Pop Star Files for Bankruptcy

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Aaron Careter Files For Bankruptcy | Loveland, CO Attorney | The Law Office of Chris D. HeftyIf you are in your early to mid-20s or have a son or daughter around that age, the name “Aaron Carter” will likely sound familiar.

A teen pop sensation in the early 2000s, Carter attracted a large following with his music, full of goofy lyrics and teenage dreams.

Now, as a 26 year old, financial trouble has caught up with Carter; he recently filed a bankruptcy claim to shed more than $2 million in debt. Most of this debt is taxes owed from when he was quickly making money as a teen singer.

According to a recent CNN article, the U.S. government is Carter’s biggest creditor. He owes the IRS $1.3 million in back taxes from his income in 2003—when he was 16. [Read more…]

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What is a Bankruptcy Discharge?

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Bankruptcy Discharge | Loveland, CO Attorney | The Law Office of Chris D. HeftyAs an experienced bankruptcy attorney in Loveland, Colorado, I meet with people struggling with finances on a daily basis. One question I often find them asking, as it is complicated, is “What is a bankruptcy discharge?”

To answer this question, we can refer to the United States Department of Justice for help.

According to the DOJ’s bankruptcy information sheet, one of the reasons people file for bankruptcy is to get a “discharge.” [Read more…]

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Bankruptcy vs. Debt Consolidation

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Bankruptcy Versus Debt Consolidation | Loveland, CO Attorney | The Law Office of Chris D. HeftyEconomically, times are tough. Unfortunately, for a lot of individuals and families, it doesn’t take very long for debt to become overwhelming. The loss of a job, medical bills, student loans, a business failure, and many more factors can all lead to one being financially overcome.

Just as there are many ways to get swallowed up by debt, there are many ways to climb out of debt. Understanding all of the options and which is the best can be intimidating. Two very common options are debt consolidation and bankruptcy. Here is a closer look at each.

Debt consolidation involves working with a consolidation company that basically serves as a middleman between you and your creditors. This middleman often tries to reduce the money you owe and the interest rates. [Read more…]

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