CHAPTER 7 Bankruptcy

You Can Liquidate Your Debts with a Chapter 7 Bankruptcy

In a Chapter 7 bankruptcy, unsecured debts are wiped clean.  Credit card debts, medical bills and personal loans are liquidated.  Many of our Colorado Springs area clients are juggling a number of different debts. The bankruptcy laws allow people to focus on paying the debts that have the greatest significance to their family. By eliminating the unsecured debts in a Chapter 7 bankruptcy, you can create a pathway to paying other debts, such as child support obligations and student loans.

Stop Repossession, Garnishment and Judgments

As soon as we start working for you, we will hold off threats of repossession, garnishment and judgments. You can refer all creditors to our office, and we will deal with them. If you own a home, we can stall foreclosure long enough for you to find mortgage money or a new place to live.  In the past, most homeowners, Chapter 13 may have proven to be a better option.  With the new, expanded exemptions that allow $250,000 in home equity, most likely that will no longer be the case. 

You can obtain a Chapter 7 discharge in Colorado within three to four months of filing – without having to reorganize in a longer term Chapter 13 – if the equity in your house doesn’t exceed $250,000 (or $350,000 for those Debtors age 60 or above or who are disabled).

The Law Office of Stephen H. Swift, P.C. can act immediately to stop creditor harassment, repossession and garnishments, so that you can once again focus on living your life.

Let us help you!

Remember, you don’t have to go it alone.  We will be there to guide you every step of the way.  Please feel free to request a complimentary initial consultation by clicking the button below.  We will get back to you ASAP, usually within 1 business day. Or if in hurry, just call us now at:

Call : (719) 520-0164

Mon – Fri 9:00am – 5:00pm


You Can Keep Your Property

The bankruptcy laws exempt certain property from repossession. In most cases, you can keep all your personal property, including your vehicles. At our firm, we are skilled at using every possible exemption to protect our clients’ property.

In a Colorado Chapter 7 Bankruptcy you ask the court to discharge as much of your debt as is allowed by law. In exchange for this, the court appoints a Trustee whose job it is to inquire about your assets; determine what assets may be available for liquidation; and distribute the proceeds from any sale to your creditors.

Under Colorado Chapter 7 Bankruptcy, you select property from a state specific list of exemptions. The exemptions determine what property the trustee can sell and what property you are allowed to keep. For example, in Colorado (beginning in 2022) you are entitled to have equity in your home of up $250,000, equity in your automobiles of up to $15,000 per person or $30,000 per couple, and a fairly extensive list of other property.

This means that you can keep your home if you meet the following criteria:

  • You are current on your payments to the mortgage holder on the date of filing of your bankruptcy.
  • The value of your home less what you still owe on the mortgage(s) is less than $250,000. In other words, you can exempt up to $250,000 in equity on your home.

Other types of property that are usually protected by exemptions, many of which have been recently expanded are:

  • Cars with equity of less than $15,000 per person or $30,000 per couple.
  • Most retirement plans such as 401(k) plans and IRAs.
  • Protection of HSA accounts.
  • Your personal property such as furniture, furnishings, clothes (other than furs), appliances, household goods, books, computers, T.V.’s, stereos and other items needed to furnish your home.
  • Your jewelry (including wedding bands) is exempt to certain dollar amounts.
  • An exemption for firearms of $1000.
  • An exemption of $2500 for bank accounts.
  • The tools needed to carry on a trade equal to $20,000
  • Additional, other specific kinds of property.

Our goal in your case will be to eliminate as much debt and let you keep as much property as we possibly can.  Steve Swift has a long history of successfully accomplishing this goal for his clients.

There really is light at the end of the tunnel

... and NO, it's not a train!

In fact, it is a FRESH START.  A new beginning, so to speak.  A chance to wipe the slate clean, and start over.
Once you understand more about discharging debts in bankruptcy, you’ll likely find that using 
Chapter 7 to eliminate debts you’re struggling to pay is just what you need to get a fresh financial start.

We hold your hand every step of the way, and make every effort to get you back on you feet again ASAP.

Helping You Make the Best Decision for Your Situation

The steps you take now can affect your life in many ways for years to come. An attorney at our firm can review your situation and help you decide whether a Chapter 7 bankruptcy or a filing under Chapter13 is right for you. The Law Office of Stephen H. Swift, P.C. is knowledgeable regarding Colorado bankruptcy laws and what can and cannot be done in cases like yours.

We can handle all aspects of your bankruptcy, from start to finish. You can then start rebuilding your credit rating and finances on a more secure basis.

Chapter 7 Bankruptcy

Liquidation of unsecured debts on behalf of hard-working Coloradans. Typically, a Chapter 7 bankruptcy will resolve debt issues within six months of filing.


Liquidation and reduction of debts for people who qualify. A Chapter 13 bankruptcy resolves debt issues through a three to five year payment plan.


Elimination of debts more than three years old through the bankruptcy system. Negotiation of offers-in-compromise with the IRS.


Resolution of disputes involving tax debts, student loans, alleged bankruptcy fraud and other matters.


Helping people retain their homes through bankruptcy filings & providing immediate relief for people threatened with legal action.


Helping small business owners obtain debt relief through Chapter 13 or Chapter 7 bankruptcy filings.