Michael Wink is an accomplished businessman as well as a practicing attorney with an MBA as well as a JD. Currently, Wink handles personal and small business Chapter 7 and Chapter 13 bankruptcies in Colorado for Wink & Wink, P.C. He focuses on practical financial considerations for clients as well as all legal aspects of personal bankruptcy. In addition to bankruptcy law, Wink has experience in finance, mortgages, credit and corporate negotiations. Wink credits his combined business and legal backgrounds for giving him insight into bankruptcy issues that are not enjoyed by many other attorneys.
Three Things to Keep in Mind About Bankruptcy
Bankruptcy is a great option for those who need it, and gives you a great jump start on reshaping your financial future. In particular, there are three ideas that Wink urges his clients to embrace in order to get past any unnecessary notions that may keep them from filing.
Famous People Who Have Filed For Bankruptcy
Contrary to popular belief, bankruptcy doesn’t have to mean that your credit and financial future are completely ruined for the rest of your life. In fact, a lot of prominent people ended up filing for bankruptcy and then went on to become incredibly successful.
Why Banks Don’t Want You to File For Bankruptcy
Banks definitely do not want you to file for bankruptcy because if you file, then they know that they won’t receive all of the money you still owe them from your outstanding loans. Instead, in an effort to convince debtors that bankruptcy is not the way to go, banks have promoted a few misconceptions meant to scare you into other, less effective alternatives.
How to Plan for Bankruptcy
Planning appropriately prior to filing for Chapter 7 bankruptcy may be beneficial to your financial standing after everything has been squared away. However, because some of the moves that you make will come under scrutiny, it’s best to have a lawyer guide you through the process so that everything you do won’t be viewed negatively by the courts.
How You Can Fight Back Against Creditors
While the practice of lending may begin to feel completely one-sided in favor of the banks and big corporations, don’t forget that you are protected. If you feel that you have been cheated out of money or are looking for a way to fight back, enlist the help of a dedicated and experienced bankruptcy attorney in your area.
How Bankruptcy Clears a Deficiency Judgment
It’s likely that if you sell your home or car to clear some of your debts, they will sell for a price that is far lower than what you still owe your lender. Legally, even though you no longer own the property, the lender can rightfully come after you for the difference. In order to keep this from happening, you have the option to file for bankruptcy and prohibit any further suits from being brought against you.
Can Taxes Be Discharged in Bankruptcy?
In Colorado, there are some loans and financial responsibilities that you cannot always get rid of in bankruptcy. Here, some aspects of your current finances and debts that you will still have to pay even after you file are outlined.
Will I Be Able to Keep My Home After Bankruptcy?
During bankruptcy, many people can come to terms with the idea of damaging their credit scores and losing their cars. But, when it comes to giving up their homes—that’s where they draw the line. However, depending on your particular situation, it may be possible for you to file for bankruptcy and still keep your home.
How Can Your Car Be Repossessed?
In the documentation of any car loan, there is a clause that clearly states that if you fail to make your payments, then the bank has the right to come to your home and repossess your car. However, just as with any aspect of the law, there are certain guidelines that you, the bank, and the repossession company must abide by.
Why to File For Bankruptcy Before Car Repossession
There is no need to surrender to debt collectors or credit agencies while you watch everything you have worked so hard for disappear. And, depending on the chapter of bankruptcy you file for, you will be offered different levels of protection against your lenders and the repossession company that is looking to retrieve your vehicle.
Can You Save For Retirement During Bankruptcy?
While banks and creditors would probably like you to believe that if you file for bankruptcy you will never be approved for a loan again, this remains entirely untrue. Not only is it completely possible for you to still be successful financially in the future after bankruptcy, you can continue to retain some of your assets while you are in the midst of filing your petition with bankruptcy court as well.
Should You Choose Debt Settlement or Bankruptcy?
The areas of debt settlement and bankruptcy laws are two separate entities with one common thread—both revolve around you looking for relief from being unable to pay the debts that you owe. In many instances, however, it’s often in your best interest to consider choosing bankruptcy over debt settlement.
Bankruptcy, Debt Settlement, and Your Financial Future
When you are in debt, there’s really no way that your credit score will escape on the other side of your financial struggle without being negatively affected. However, you do have a role in how far your score plummets and how quickly you can begin to rebuild.
Three Rules For Debt Settlement
It’s important that you understand all of the options that are available to you when you are in debt. Here are the rules of debt settlement and why you possibly should consider bankruptcy as a positive alternative.
Rebounding From Bankruptcy
As reluctant as you may be to admit that you need the help, filing for bankruptcy gives you the chance to wipe the slate clean and walk away from your mistakes. This also represents the perfect opportunity for you to restructure your finances and your way of life.
This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.
