Timothy Canty

Timothy Canty

  • Bankruptcy, Probate, Real Estate Law...
  • Colorado
Badges
Claimed Lawyer ProfileQ&ASocial Media
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.
-
Websites & Blogs
Website
Website
Legal Answers
15 Questions Answered

Q. My business partner (49% ownership in small sub-S) has filed chapter 7 personal bankruptcy.
A: If you did not guarantee anything then you are not liable for strictly corporate debts. Concerning the stock, if it has any market value the trustee will try to sell it. Minority ownership interests in a closely held corporation are often worth very little, but I would need more information to determine that. You can always make an offer to the trustee. If he can't sell it to you or someone else, it will abandoned to the debtor upon case closing.
Q. Can I be on the joint deed but not on the mortage for a single family home
A: The short answer is "yes." They are two separate interests. However, depending on who the other owner is and whether the loan was made prior to the transfer of title, the deed of trust securing the loan may contain a "due on sale" clause. This is generally not effective against spouses, but could be triggered if the two owners are not related. Check with a real estate attorney before making any transfer.
Q. My husband is filing bankruptcy. We own a duplex however the mortgage is in my name only. Can he quit claim it to me?
A: I am assuming he is filing Chapter 7. If your husband transfers any property to you for less than market value within 1 year of filing bankruptcy (and as much as 4 years under Colorado law), it will be deemed a fraudulent transfer and the bankruptcy trustee can void the transfer for the benefit of his creditors. You should consult with a bankruptcy attorney before doing any kind of transfer prior to filing.
Q. Live in Colorado. Have the deed to my dad's house (I'm the executor). Where do I go to get the deed in my name?
A: If the home was only in your Dad's name with no joint tenant, you must open a probate estate and have yourself appointed Personal Representative. It sounds like your Dad appointed you in his will, so the court proceeding should be easy and inexpensive. Once you are appointed and issued Letters Testamentary by the court, you can issue a Personal Representative's Deed. You don't have to actually deed it to yourself. The estate can sell the house and deed it to the buyer at closing.
Q. I filed bankruptcy 2 years ago and the Feds released their tax lien but a creditor has not. CAn I get it released?
A: Judgment liens generally survive a bankruptcy. However, if the lien impairs exempt property (like your residence), it can "avoided" under 11 USC Section 522(f). This could have been done in your initial case, but now you will have to file a Motion to Re-open the case first.
Q. My daughter just had a bankruptcy case and it is almost final. Her aunt died and left her some money. Will it be taken ?
A: Any inheritance to which she becomes entitled within 180 days of filing the bankruptcy is considered property of the estate and must be turned over to the trustee. If the amount of the inheritance exceeds the amount of creditor claims, she would be entitled to the remaining funds.
Q. Do I really need a bankruptcy lawyer?
A: That question is impossible to answer without more information. Some people file a successful bankruptcy without an attorney. However, there are many hazards for the unwary and you could end up with a very unhappy result. See In re Muniz 320 BR 697 (District of Colorado) opinion: Sadly, this Debtor chose to proceed with the filing of a bankruptcy case without the benefit of bankruptcy counsel. She is one of a growing number of individuals (currently about 15% in this district) who attempt to act as their own attorney. That decision has proven to be extraordinarily unfortunate. This case illustrates a "perfect storm" of bad consequences: the Debtor loses her discharge; she still has a judgment against her in favor of the Trustee for the value of property she failed to surrender to him; and the $21,000 plus of unsecured debt which the Debtor listed in her schedules may not be subject to discharge in any subsequent chapter 7 bankruptcy proceeding. The money that the Debtor saved by not hiring competent counsel is small compared to the amount of debt for which she will continue to be held responsible.
Q. Is it possible to pre-pay my Ch. 13 after having made payments for 3 years? I am now 100% disabled through the V.A.
A: The general answer is "no," but there are exceptions. If you were not required to file a 5 year plan, you may be allowed to pay off the plan early depending on the source of the funds and the amount of unsecured claims. Also, if your disability was incurred after you filed your case, you may be entitled to a hardship discharge without paying off your plan at all. There are many factors involved with each of these options and you should consult with a competent bankruptcy attorney.
Q. Can IRS put a lien on a house I share when my name is not on the mortgage but is on the title, insurance & taxes?
A: The simple answer is "yes." The IRS can lien any interest in property. The fact you are not on the mortgage does not matter - you have an ownership interest by being on the title. The good news is that if you enter into an Installment Agreement (payment plan), the IRS does not usually file a Notice of Federal Tax Lien. However, they may do so if the statute of limitations on collection is approaching.
Click here to see all answers
Social Media
Contact & Map
8427 S. Custer Lane
Evergreen, CO 80439
USA
Telephone: (303) 670-2185