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Timothy Canty

Timothy Canty

  • Bankruptcy, Probate, Real Estate Law...
  • Colorado
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Summary

Licensed in all Colorado and Federal courts
Locations in Evergreen and Lakewood or I will meet you somewhere convenient. Always a free consultation.

(303) 670-2185
cantyco@msn.com

Practice Areas
  • Bankruptcy
  • Probate
  • Real Estate Law
  • Tax Law
Fees
  • Free Consultation
    I will quote you a flat fee whenever possible
Jurisdictions Admitted to Practice
Colorado
Federal Circuit
US Tax Court
Education
University of Colorado - Denver
B.A. (1976)
Lewis & Clark Law School
J.D.
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Websites & Blogs
Website
Website
Legal Answers
38 Questions Answered

Q. how do I answer question 10 On form JDF 910 in probate if I was nominated by my stepsister and it was my fathers will
A: You have a statutory priority as a child of the decedent and should check that box. Your step sister has a prior right because she was nominated in the will, but she has renounced it. It's a good idea have her complete Form JDF 912 (renunciation) and file it with your application.
Q. Bought a house and discovered the previous owner flipped the house without pulling permits. Garage damaged, recourse?
A: The Colorado Seller's Property Disclosure asks seller to disclose if any work was done without proper permits. If the seller did not disclose this and you are damaged or defrauded because of it, you will have a claim against seller and possibly his broker. Under Colorado law, sellers of residential property have an affirmative duty to disclose all latent defects of which the sellers are aware, regardless of whether the item is included in one of the categories listed in the SPD and regardless of whether the purchase contract requires the sellers to make such disclosures.
Q. I have a copy of my grandmothers Will, have been unable to locate the original. Is the copy valid?
A: Maybe. You will have to file a formal probate and request a hearing. It will be up to the judge to determine if the will is valid based on certain statutory requirements. If all interested persons agree to stipulate that the will is valid, the court will likely accept it.
Q. Tenants in our PA property just gave notice, and we cannot support that mortgage as well as ours here in CO. Bankruptcy?
A: Without knowing your entire financial picture, I cannot determine whether a bankruptcy would be right for you. A bankruptcy would relieve you of liability for the PA property, but I can't determine whether it would protect your other assets. Since you apparently have not lived in Colorado for at least two years, you would be required to use either the PA or the federal bankruptcy exemptions to protect your other property. Whatever you do, keep the Colorado mortgage current. The lender on the PA house may foreclose without a deficiency or agree to accept surrender of the home in full satisfaction of the mortgage debt. It does not hurt to ask. Seek a competent bankruptcy attorney to determine all the options.
Q. I have agreed to an emailed offer to sell, but am now having second thoughts. We have not signed a contract yet.
A: In Colorado, Contracts for the sale of real estate must be in writing pursuant to statute. In some cases, a court may enforce oral real estate contracts if there has been some partial performance. To determine whether your email "acceptance" is valid or not, I would have to look at the documents. If I had to decide on the information given, I would say there is no existing contract. You should have a qualified real estate attorney review everything.
Q. I was engaged to my girlfriend of 7 years. We bought a house together 6 months ago. Now she wants me out.
A: There are only two ways I know to get released from the mortgage. The lender can agree to release you from liability (not bloody likely) or your girlfriend can refinance by herself.
Q. How can seller cancel contract with buyers in Colorado?
A: Generally, a buyer is entitled to specific performance of a real estate contract as long as the buyer has not defaulted on any material terms. However, your seller could break the contract legally by filing a Chapter 7 or Chapter 13 bankruptcy. There are many other consideration before deciding on this course of action, but it would accomplish what she wants. A Chapter 13 would also allow her to cure back taxes or mortgage payments.
Q. I am selling a rental property. Can I use the proceeds to pay down the loan on another rental property to avoid taxes?
A: Your idea will not avoid capital gains taxes on the gain from the sale. I am aware of three possible solutions to avoiding these taxes. First is a 1031 exchange and involves buying another qualifying property and rolling the gain into that - there are complicated rules to this. The second method is to sell something else at a loss so as to offset any tax. The final way is to use the rental as your primary residence for two years and then use the $250,000 exclusion ($500,000 for married couples). None of these will accomplish what you want.
Q. have 65k in CC debt, have 112k in reverse mort debt. wife and I live on 54k yearly. Home is valued at 400k.options?
A: The Colorado homestead exemption is $75,000, or if you are over 60 years old or disabled, $105,000. You must have a been a Colorado resident for at least 2 years in order to use Colorado exemptions. Any equity over those amounts must be turned over to the trustee to pay creditors. This will usually mean selling the home unless you you can find an alternate means of paying the trustee. You could avoid this result by filing a Chapter 13 and paying the excess over 5 years. This is just a general outline and there are many variables. Talk to an experienced bankruptcy lawyer.
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Contact & Map
8427 S. Custer Lane
Evergreen, CO 80439
USA
Telephone: (303) 670-2185