Bankruptcy FAQs

I am Ross Wabeke, an experienced attorney who has handled thousands of bankruptcy cases in 30-plus years of practice. I serve individuals and small businesses in Loveland, Fort Collins, Greeley, and many other communities in Northern Colorado.

In a free 30-minute consultation, I can answer specific questions about your financial situation and address any anxieties about bankruptcy. Contact me today to make arrangements.

Bankruptcy FAQs (Frequently Asked Questions)


What is the difference between Chapter 7 and Chapter 13? 
In a nutshell, Chapter 7 bankruptcy eliminates certain debts but may require you to surrender some assets. In Chapter 13 bankruptcy, you keep everything but you repay part of your debts over three to five years.

What debts are discharged?
Only unsecured debt is erased in bankruptcy, such as credit card balances and medical bills. Secured debts (such as home loans and car loans if you are keeping those assets) and other debts such as student loans, child support and criminal fines cannot be discharged. I can determine which debts are eligible in your case.

Will I lose everything by filing for bankruptcy?
In a Chapter 7, most of your assets are exempt, meaning that you probably will get to keep your house, your car, your retirement and your personal possessions. Some assets are non-exempt, such as a second home, a second car, and liquid assets such as cash or stocks. I can determine what assets you will get to keep.

Can bankruptcy stop foreclosure?
Bankruptcy will temporarily stop home foreclosure. As long as you can keep up with the current payment, you are allowed to pay off the arrears over time.

Can creditors still come after me when I file bankruptcy?
The law requires all collection efforts and legal actions to stop as soon as you file for bankruptcy protection. This includes phone calls, judgments, garnishments, repossessions and foreclosures.

How long does bankruptcy take?
A Chapter 7 discharge takes three to four months. A Chapter 13 plan can be confirmed in two or three months, but monthly payments start 30 days from the bankruptcy filing and continue for 36 to 60 months. I will walk you through every step of the bankruptcy process.

Will bankruptcy ruin my credit rating?
Your credit is already poor if you have high debt, late payments and maxed-out credit cards. Bankruptcy temporarily affects your credit score and ability to borrow, but within a few years you can re-establish good credit and probably be eligible again for credit cards and loans.

Experienced Bankruptcy Lawyer at Your Service

I believe that a face-to-face meeting is important. I offer a free 30-minute consultation to explore your specific situation. Call me at 970-667-2101 or email me to arrange your free consultation, including evening appointments.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.