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Timothy Canty

Timothy Canty

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

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

Q. How does the Seller clear title so they can sell me their vacant land in Colorado?
A: B's son will have to open an ancillary probate in Colorado. Then he can record A's death certificate, a certified copy of the Colorado Letters and a Personal Representative deed to you. A's interest evaporates upon death and B's estate has the right to convey the estate property.
Q. Are paying taxes voluntary or law?
A: While our tax system is voluntary in the sense that you file a return and send in the money you owe, you will quickly find out how involuntary it is if you fail to do so. Many people have refused to file and have argued that they don't have to pay taxes. Most of them are in federal prison.
Q. I did an owner finance and hold the deed of trust as security, the buyer has abandoned the property and quit paying
A: It sounds like this was a straight sale and the property was deeded to the buyer. If title is in the buyer's name, you will have to foreclose to get it back. If you are able to contact the buyer, you may be able to get him to sign a quitclaim deed conveying the property back to you in exchange for agreeing not to sue him on the promissory note.
Q. If I file for bankruptcy in Colorado, will I lose my house?
A: Colorado law provides a homestead exemption of $75,000 (or $105,000 if you are over 60 or disabled). If the exemption is properly claimed in Schedule C of your bankruptcy petition, the trustee is bound by it. If you have more than that amount of equity, the trustee has the right to sell your house. In that case, the trustee would have to give you the exemption amount and then use the remainder to disburse to creditors. In close cases, you can usually get an agreement to pay the trustee a smaller amount and keep the house.
Q. I bought a condo with an ex girlfriend. We are both on the title and mortgage. She moved out after finding someone else
A: Since she is on the title, she would have to quitclaim her interest to you. The only other option is a court order.
Q. I am selling my home here in Colorado and moving to the bay area in Texas. I paid 160000 and owe $90000. I have lived
A: You must first calculate your cost basis which is the purchase price plus the cost of any improvements. Subtract that amount from the proceeds (minus costs of sale). The first $250,000.00 of profit is exempt from taxation. Anything over that is taxed at capital gains rates.
Q. On November 1, 2017, a Colorado cannabis company, Phoenix Life Sciences, declared bankruptcy and immediately reopened.
A: The United States Bankruptcy Court for the District of Colorado website shows no such case filed under that name. Generally when a company files bankruptcy (Chapter 7), it's assets are liquidated and the funds are used to pay creditors. Wages owed to employees have one of the highest priorities. Those who purchase the assets (even former owners) from the bankruptcy trustee are free to start a new business.
Q. Is there any reason not to vacate a Rule 120 hearing in favor of a 60 extension of foreclosure sale?
A: It sounds like the foreclosing lender/attorney is being reasonable. Read the Stipulation carefully and make sure it says what you think it says - you are agreeing to waive your Rule 120 rights in return for an extension of time. Verify with the Public Trustee that the sale date has been extended. As a last resort, you can always file a Chapter 13 prior to the sale. This involves various other considerations and you should consult an experienced bankruptcy attorney.
Q. Can my old mortgage company demand a payment from me after they sold the loan?
A: Who ever holds the promissory note can demand payment from you based on the terms of the note. Sometimes the holder of the note will delegate the "servicing" to another company. That company then has the power to demand payment and to foreclose if there is a default. You don't give enough detail for me to tell exactly what is happening. My guess is that your old company may have sold the note but retained the servicing rights. In any case, you never have to make double payments and mortgage companies are required by law to disclose changes to payments (e.g. if the taxes or insurance payments change) or changes in servicing.
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8427 S. Custer Lane
Evergreen, CO 80439
Telephone: (303) 670-2185