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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
Lewis & Clark Law School
J.D.
-
University of Colorado - Denver
B.A. (1976)
Websites & Blogs
Website
Website
Legal Answers
51 Questions Answered

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.
Q. What property can you leave out of a bankruptcy?
A: You can't leave any of your property out of a bankruptcy. You may be able to exempt certain property, but you must disclose everything. Typical Colorado exemptions are the $75,000.00 homestead exemption ($105,000 if one is over 60 or disabled), $7500 for up to two vehicles ($12,500 if over 60 or disabled) and many others. You must have been a Colorado resident for at least two years in order to use those exemptions. There are numerous others and some are very technical. There are many traps for the unwary. Be sure to consult an experienced bankruptcy attorney before filing.
Q. Neighbors installed 3 foot long metal pipe wind chimes on their second story balcony.
A: Every planned community is subject to rules called CC&Rs (covenants, conditions and restrictions). You should read them carefully and determine exactly what duties and powers the HOA has. If your neighbors are in violation, the HOA may have a duty to enforce to rules. If they refuse, they can be sued. This is expensive and time consuming. I would suggest that you first approach the neighbors and try to compromise. For example, maybe they would agree to remove the chime when they are away. It's not clear whether you have a claim against the neighbors directly. As an aside, if you did sue them on some nuisance theory or other, what could they counter sue you for if you have not broken any rules or laws? If this bothers you extremely, you should consider paying a lawyer to investigate and send a demand letter if appropriate.
Q. With the new tax bill, is it true I can only write off $10,000 of my property taxes now? What if I paid more than that?
A: It's true. Property tax, sales tax and state tax deduction cannot exceed $10,000.00 per year. You may be able to deduct more property tax than that in 2018 (though not sales or income tax) if you pre-paid taxes in 2017.
Q. Want to buy land/develop with friends. Can one of us get mortgage and others be considered owners with contract?
A: It's theoretically possible, but there are some complications. Most deeds of trust have a "due on sale" clause. This means that if you transfer an interest in the land to your partners, the lender can call the loan. You should disclose all material facts to the lender and get written assurances that the transfer will not trigger this clause. You might try forming a corporation or an LLC to buy the land and dividing the interests any way you want. This should also be discussed with the lender in advance and they may require personal guarantees.
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8427 S. Custer Lane
Evergreen, CO 80439
USA
Telephone: (303) 670-2185