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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
30 Questions Answered

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.
Q. Does a conservatorship go through probate or regular court?
A: In Colorado, conservatorships and guardianships are filed in the probate division of the District Court. The one exception is the City and County of Denver which has its own Probate Court.
Q. If a company failed to fulfill an order I placed and paid for, then files for bankruptcy, can I still sue them to get my
A: Probably not. Assuming they filed a Chapter 7 liquidation, the company's assets will be liquidated and the proceeds distributed according statutory priorities. Creditors are prohibited from trying to collect debts except through the bankruptcy process. You can file a Proof of Claim with the Bankruptcy Court. Depending on the various types of claims filed, you may get something.
Q. Can lender sue for deficiency if father walks away from upside-down property?
A: It depends on the amount the lender bids at the sale. If the bid is enough to pay the loan, there will be no deficiency. If the bid is less, there will be a deficiency which the lender may try to collect from the borrower. Sometimes the lender will forgive the deficiency. If its more than $600.00, they are required to file a 1099-C with the IRS and that may trigger tax consequences since the the IRS considers forgiven debt to be income. They may also use various methods to collect. How much risk there is to the borrower will depend on his assets (and the source of the money in his bank account, e.g. if its all from social security or certain disability benefits, it is exempt from collection). In the worst case scenario, he may benefit from bankruptcy relief.
Q. If we purchase a home FSBO how does appraisal work? sellers want no appraisal contingency but we need certainty
A: If there is a lender involved, they will insist on an appraisal. If the appraisal does not support the contract price, they will not make the loan. If it's an all cash deal, caveat emptor (buyer beware).
Q. Thank you, Mr. Canty. Wouldn't the fact that the names of both the husband and wife are on the title deed mean that the
A: Unless the vesting deed says otherwise, each is presumed a 50% owner. The contract language no longer matters as it is "merged" into the deed. Did he examine the deed prior to closing? Presumably, he wanted her on the title and requested the seller to grant the warranty deed to both of them. IF there was a mistake, he may be able to get a court to void her interest in the property. Otherwise, she has to quitclaim her interest back to him.
Q. If the husband purchases a home & only puts his name on the purchase agreement,
A: Assuming he effectively deeded an interest to the wife, he cannot unilaterally remove her. Either she must deed it back or a court must order it.
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.
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8427 S. Custer Lane
Evergreen, CO 80439
Telephone: (303) 670-2185