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

Q. Is there a set list of property that is exempt from bankruptcy proceedings?
A: Yes, but it's complicated. If you have been a Colorado resident for at least two years prior to filing bankruptcy, you must use the Colorado exemptions. There are many and they are spread out over several sections of the Colorado Revised Statutes and Rules. Common examples are the $75,000.00 exemption for a homestead and the $7,500.00 exemption for up to two vehicles. There are exemptions for clothing, jewelry, household goods and many more. If you have not been a Colorado resident for two years prior to filing, you will have use another state's exemptions or the federal exemptions depending on several factors. Also, there are federal non-bankruptcy exemptions that anyone can use. Consult a qualified bankruptcy attorney to discover the specific exemptions you are entitled to.
Q. Do I still,owe repayment for 2008 first time home owner if my home foreclosed
A: If the lender bid the entire amount owed at the foreclosure sale, then you do not owe them any money. If they bid less than the amount due, you still owe the balance. If there was a second or third mortgage and they did not redeem the property by paying off the first mortgage, you would still owe those amounts. If any loan balances were forgiven, the lender would send a 1099-C to the IRS which considers forgiven debt to be income unless you can show you were insolvent at the time. Hope that helps.
Q. Hi. I received a 1099-a for the 2016 tax year. I filed bankruptcy in 2014 and it was discharged. Must I report on taxes
A: File IRS form 982 with your tax return showing that you were insolvent at the time. That usually solves the problem without an audit.
Q. I know I'm going to have a high tax bill this year - does declaring bankruptcy allow me to not pay it?
A: Income taxes can be discharged in bankruptcy, but they must be due more than three years ago, returns filed for at least two years and assessed for at least 240 days. Newer taxes are not dischargeable, but can be paid over 5 years in a Chapter 13 with no additional penalties or interest.
Q. I received my portion of a trust in 2014. The Trustee did not file taxes on my portion. Who is responsible for the tax?
A: You did not provide enough information on the source of the funds you received. The general rule is that distribution of trust income is taxable to the beneficiary (you), but distributions of the trust assets to the beneficiary are not.
Q. I've heard there's an option to file an emergency bankruptcy - what is the process for this?
A: You can file an emergency bankruptcy by filing the Petition form along with a credit counseling certificate and a list of creditor names and addresses. The court will give you 14 days to file the other schedules and statements.
Q. Can you get a continuance for a probation revocation sentacing hearing if you haven't secured council?
A: This is not a probate question, but as a former public defender, I would say that it never hurts to ask. Most judges will allow the hearing to be re-scheduled one time for a good reason.
Q. Hello I was hoping someone could help me under stand this:
A: It means that the trustee is done administering assets (if any) and that all other property is abandoned and the case will soon be closed.
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.
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8427 S. Custer Lane
Evergreen, CO 80439
Telephone: (303) 670-2185