If you answered “yes” to any of those questions, you most likely qualify to file for Chapter 13 bankruptcy in Colorado.
If you’re trying to pay down medical bills or credit card debt, but haven’t had enough money left over for your car payment or mortgage, you’ve most likely received calls from those creditors. You may have even received a notice that your wages are being garnished, your car is being repossessed, or your home is in foreclosure.
If you’re currently experiencing any of those situations, it’s important to immediately talk to a local lawyer about filing for bankruptcy in Colorado. Even though there’s a social stigma around the word “bankruptcy,” most people who file a bankruptcy petition have had unfortunate things happen to them, which has now put them in a challenging financial position.
Perhaps you’ve had an unexpected illness, maybe you’ve lost your job, or had another life-changing event that produced some unforeseen bills that you can’t pay. Whatever the reason may be, if you’re struggling with debt, you should immediately seek the advice of a qualified attorney to discuss the possibility of seeking relief through bankruptcy.
Some people already know which Chapter of the bankruptcy law they must file and whether they want a Chapter 7 bankruptcy or Chapter 13 Bankruptcy. Others have no idea that there are different kinds of bankruptcy filings available to individuals seeking debt relief.
Our Colorado bankruptcy lawyers designed this website to provide more information about one of the two most popular bankruptcy chapters available to individuals seeking debt relief in Colorado, Chapter 13 bankruptcy. For more information about Chapter 7 bankruptcy, see the corresponding page on this website, or contact our CO bankruptcy attorneys for a case consultation.
Chapter 13 bankruptcy does not eliminate debt in the same way as Chapter 7. Often referred to as wage-earners bankruptcy or reorganization bankruptcy, Chapter 13 bankruptcy generally involves negotiating your debt obligations and setting up a reasonable repayment plan.
Some reasons you would file for Chapter 13 Bankruptcy instead of Chapter 7 Bankruptcy include:
The most obvious advantage of filing Chapter 13 in Colorado is that it allows an individual to spread out payments that are owed on debts over a period of years. This makes the repayment of such debts much more manageable. The monthly payments required in this type of bankruptcy are usually less than what someone is currently paying. And instead of paying several different amounts to a variety of creditors throughout the month, there is only one monthly payment that covers all of your debts.
Other advantages that come with filing Chapter 13 bankruptcy in Colorado include:
For an honest, well-rounded look at filing Chapter 13 bankruptcy in Colorado, we’ve also compiled a short list of the relatively few disadvantages that come from filing Chapter 13 bankruptcy.
We hope this deep dive into how to file Chapter 13 bankruptcy in Colorado has been helpful and relieved some of your fears and anxieties surrounding the bankruptcy process. Of course, the essential first step you should take now that you understand the basics of filing for Chapter 13 bankruptcy is to contact an experienced Colorado Chapter 13 bankruptcy attorney.
With a trusted bankruptcy attorney on your side, you have an experienced and knowledgeable guide to help you through each step of the bankruptcy process. With over 25 years of combined experience, our team of legal professionals has perfected a system that makes filing for bankruptcy as easy as possible for you. We offer unparalleled support throughout the entire process and will help you move forward with the best options available to you. That way, you can focus on your life and get to your fresh financial start faster and with fewer wrinkles.
Our goal is to help Coloradans like yourself file bankruptcy quickly and effectively so that you can get back to your life and family. We’ve helped countless Coloradans file for both Chapter 7 and Chapter 13 bankruptcy throughout Colorado, from Denver to Fort Collins and everywhere in between, and we’re ready to help you, too. When you’re ready to get started, contact our firm for a free case consultation.
