Denver bankruptcy attorney Clark Dray offers Chapter 7 and Chapter 13 bankruptcy filing, estate planning, and probate services with free initial consultations.
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The Law Office of Clark Daniel Dray is a Denver-based legal practice specializing in bankruptcy, estate planning, and probate law. The firm is located in the historic Market Center building in downtown Denver with accessible entrances at both 1350 17th Street and 1624 Market Street. Clark Dray is a member of the National Association of Consumer Bankruptcy Attorneys and the Colorado Consumer Bankruptcy Association, as well as the Trust & Estate Section of the Colorado Bar Association.
The firm offers comprehensive bankruptcy services including Chapter 7 and Chapter 13 filings, debt settlement alternatives, and debt repayment plans. Chapter 7 bankruptcy allows clients to discharge most unsecured debts (credit cards, medical bills, payday loans, repossessions) in exchange for surrendering certain assets, with most assets protected by state and federal law. Chapter 13 bankruptcy provides a structured repayment plan over up to 5 years, allowing clients to retain assets while repaying debts according to ability, with remaining balances discharged. The firm also provides estate planning services including wills, trusts, medical and financial powers of attorney, advance directives, and guardian appointments for minor children. Probate representation is offered to manage the final affairs of deceased individuals.
Key distinguishing factors include flexible payment plans for attorney fees allowing installment payments, a free initial consultation to discuss all debt resolution options, and demonstrated client satisfaction with 5-star reviews emphasizing professionalism, responsiveness, and thorough guidance. The firm positions itself as accessible to consumers navigating stressful financial and family legal matters, with staff noted for kindness and efficiency in managing complex cases.
The firm's bankruptcy practice is well-established within professional associations but serves individual consumers rather than businesses. Estate planning and probate services complement the bankruptcy practice but represent secondary offerings. The practice does not appear to offer credit repair, debt consolidation loans, or alternative debt management products—it focuses exclusively on legal representation and planning.
Yes. The Law Office of Clark Daniel Dray is a registered company, headquartered in Denver, CO.
Results vary by individual situation. Contact the provider to discuss expected timelines for your specific needs.
CreditDoc Diagnosis
This firm is best for Denver residents with significant unsecured debt who want legal bankruptcy representation from an established attorney with professional association credentials. The main caveat is that bankruptcy itself will severely damage credit for 7-10 years, making this appropriate only for consumers with debt situations that cannot be resolved through repayment, consolidation, or settlement—a decision that requires careful consideration during the free consultation.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
When you fail to repay a loan according to the agreed terms — usually after 90-180 days of missed payments. It's the point where the lender gives up on collecting normally.
Default triggers severe consequences: credit score drops 100+ points, the debt may be sent to collections, you could be sued, and your wages or assets could be seized.
Example
You miss 4 consecutive car payments. The lender declares your loan in default, repossesses your car, sells it at auction for $8,000, and you still owe the remaining $5,000 (called a deficiency balance).
A federal agency created in 2010 to protect consumers from unfair financial practices. They write rules, supervise financial companies, and handle consumer complaints.
The CFPB is your most powerful ally against predatory lenders. Filing a complaint with them gets a response from the company within 15 days — companies take CFPB complaints seriously.
Example
A debt collector calls your workplace after you told them to stop. You file a CFPB complaint online. Within 15 days, the collection agency responds and agrees to stop. The CFPB tracks complaint patterns across all companies.
A federal law that limits what debt collectors can do. They can't call before 8am or after 9pm, can't harass you, can't lie, and must stop contacting you if you request in writing.
Knowing your FDCPA rights stops abusive collection tactics. If a collector violates the law, you can sue for up to $1,000 per violation plus attorney fees.
Example
A collector calls your workplace 3 times after you told them not to. That's 3 FDCPA violations. You hire a consumer attorney (free — they get paid by the collector). The collector settles for $3,000.
A court order that requires your employer to withhold part of your paycheck and send it directly to a creditor. Usually happens after a creditor sues you and wins a judgment.
Federal law limits garnishment to 25% of disposable income. Some states have lower limits. Student loans and taxes can be garnished without a court order.
Example
You owe $8,000 on a defaulted credit card. The bank sues, gets a judgment, and garnishes your wages. On a $3,000/month net paycheck, they take $750/month until the debt is paid.
A time limit (typically 3-6 years, varies by state) after which a creditor can no longer sue you to collect a debt. The debt still exists, but they lose the legal power to force payment.
Knowing your state's statute of limitations prevents you from being tricked into paying debts that are legally uncollectable. Beware: making a payment can restart the clock.
Example
You have a $3,000 credit card debt from 2019. Your state has a 4-year statute of limitations. In 2024, a collector calls demanding payment. The statute has expired — they cannot sue you.
A type of bankruptcy where you keep your assets but follow a court-approved 3-5 year repayment plan to pay back some or all of your debts. Stays on credit for 7 years.
Chapter 13 is better than Chapter 7 if you have a home or assets you want to keep. It can stop foreclosure and let you catch up on mortgage payments over 3-5 years.
Example
You're 3 months behind on your mortgage and have $30,000 in credit card debt. Chapter 13 stops foreclosure and puts you on a 5-year plan: you pay $600/month to catch up on the mortgage and pay 40% of the credit card debt.
A type of bankruptcy that wipes out most unsecured debts (credit cards, medical bills) by liquidating non-exempt assets. It stays on your credit for 10 years.
Chapter 7 gives you a fresh start but at a steep cost: 10 years on your credit, difficulty getting loans, and you may lose assets. Income must be below your state's median to qualify.
Example
You have $45,000 in credit card debt and earn $35,000/year. Chapter 7 erases the debt. You keep exempt property (basic car, household items). Your score drops to ~500 but you're debt-free.
When a creditor declares your debt a loss after 180 days of nonpayment and removes it from their books. But you still owe the money — they just stop expecting to collect it themselves.
A charge-off is one of the most damaging entries on your credit report and stays for 7 years. The debt is usually sold to a collection agency who will pursue you for it.
Example
You stop paying your $4,000 credit card. After 180 days, the bank charges it off and sells the debt to a collector for $800. The collector now contacts you demanding the full $4,000 (they profit from what they collect above $800).
When an unpaid debt is transferred or sold to a third-party collection agency that specializes in recovering the money. Collection accounts appear on your credit report for 7 years.
Even a $50 collection account can drop your score 50-100 points. Some newer FICO models (FICO 9) ignore paid collections, but many lenders still use older models.
Example
An old $200 gym bill goes to collections. It appears on all 3 credit reports and drops your 720 score to 640. Paying it helps with newer scoring models but under FICO 8 (still widely used), a paid collection still hurts.
Combining multiple debts into one single loan with one monthly payment, ideally at a lower interest rate. It simplifies repayment and can reduce total interest.
Consolidation works best when you get a lower rate than your existing debts. But it doesn't reduce what you owe — and extending the term can mean paying more total interest.
Example
You have: $5,000 at 22% (credit card), $3,000 at 18% (store card), $2,000 at 25% (payday loan). A $10,000 consolidation loan at 11% saves you ~$2,100 in interest over 3 years.
Negotiating with creditors to accept less than the full amount you owe — typically 40-60 cents on the dollar. Usually done after you've already fallen behind on payments.
Settlement can save thousands, but it severely damages your credit (settled accounts show for 7 years) and the IRS may tax the forgiven amount as income.
Example
You owe $15,000 on a credit card and negotiate a settlement of $7,500 (50%). You save $7,500 but: your credit drops 100+ points, the account shows 'settled' for 7 years, and you may owe taxes on the $7,500 forgiven.
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.
Example
You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.
A court ruling that says you legally owe a specific amount to a creditor. It gives the creditor power to garnish wages, freeze bank accounts, or place liens on your property.
Judgments are enforceable for 10-20 years (varies by state) and can be renewed. They give creditors far more collection power than a simple unpaid debt.
Example
A credit card company sues you for $8,000 and wins a judgment. They can now garnish 25% of your paycheck ($750/month on a $3,000 net salary) and freeze your bank account.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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