If you’re in desperate need of debt relief and are considering bankruptcy, you’ve come to the right place. While falling behind on debt can be embarrassing and stressful, we are here to help put your mind at ease by taking steps to solve the problem once and for all.
Overwhelming debt is the primary reason people opt to file for bankruptcy. While most people assume that bankruptcy forces you to give up your home, car, paycheck, and other assets, it’s actually the other way around. In a majority of cases, your personal property can be protected through a bankruptcy petition.
Filing Chapter 7 bankruptcy is a simple and straightforward way to eliminate most debts, especially unsecured debt. This includes credit card debt, bank loans, medical bills, payday loans, and old utility bills. Chapter 7 is designed to give consumers a fresh start while quickly halting creditor garnishments, lawsuits, and harassment.
If you are thinking about filing bankruptcy, don’t delay because timing is crucial. Our Colorado bankruptcy attorneys understand that debt can happen to anyone. During your no-cost case consultation, we explore all of your options to determine the best course of action. If bankruptcy is the best choice for you and your family, our Chapter 7 bankruptcy attorneys will help you get the most favorable outcome. Contact our firm today for your free, confidential consultation. We serve all of Colorado, from Durango to Fort Collins, and everywhere in between.
Bankruptcy is the legal process in which people in debt can file a petition to protect themselves from creditors for any outstanding debts that are owed. Filing for bankruptcy is a right that’s been given to you by the federal government as a “fresh start” for people deep in debt that need a fresh start.
Chapter 7 bankruptcy, also known as “liquidation bankruptcy” allows individual consumers to wipe out most debts by having the U.S. Bankruptcy Court issue what is called a “Discharge of Debt.” The main reason most people choose Chapter 7 instead of Chapter 13 bankruptcy is that Chapter 7 eliminates the need to pay back creditors for unsecured debt. In other words, you may be able to throw out those credit card statements and doctors’ bills that have been piling up and never worry about certain monthly payments again.
Another benefit of filing Chapter 7 bankruptcy in Colorado is how quickly you can get your debts discharged. Generally, filing for Chapter 13 bankruptcy (the other popular individual bankruptcy filing in Colorado) can take up to five years from start to finish! If you qualify for Chapter 7 bankruptcy, from initial filing to the discharge of debts can take as little as 3-5 months.
The general impression of Chapter 7 bankruptcy is that it’s a resolution to crushing debt, enabling you to make a fresh start without the burden of overwhelming financial obligations. This is true to a certain extent, but there’s much more to the legal proceedings that you need to understand before filing. The eligibility rules are strict and complicated, possibly eliminating the option of debt liquidation. Even if you do qualify, there are serious long-term consequences that you must balance with regard to your future.
That’s why we recommend working closely with an experienced Colorado Chapter 7 bankruptcy attorney. You need someone on your side who knows the ins and outs of the Federal Bankruptcy Code, and who can help you navigate the entire process of filing for Chapter 7 bankruptcy in Colorado from start to finish. Our team of legal professionals is waiting to hear from you. Contact our firm today to speak to a qualified bankruptcy lawyer about whether or not you qualify for Chapter 7 bankruptcy in Colorado.
If you have debt, you may be wondering if it’s enough to qualify for Chapter 7 bankruptcy in Colorado. While the amount of debt you have is one aspect taken into consideration, your household income, monthly expenses, and other financial obligations are factors too. That’s why the Federal Bankruptcy Code has what’s called a means test to determine your eligibility to file Chapter 7 bankruptcy in El Paso County and the surrounding Colorado area.
Even if you believe Chapter 7 is a wise decision, you must still meet the rigid qualifications established by the US Bankruptcy Code. The basic eligibility rules involve your recent history with bankruptcy. For example, you’re ineligible to file bankruptcy if you completed Chapter 7 or Chapter 13 bankruptcy proceedings in the last eight or six years, respectively. Additionally, you don’t qualify if you filed for Chapter 7 or Chapter 13 within 180 days prior, and the case was dismissed for certain types of misconduct.
Let’s say that the above disqualifications don’t apply to you. Unfortunately, the qualifications for Chapter 7 become much more complex after these basics. The analysis turns to the “means” test, which is an assessment of your financial condition. The means test factors include:
Of course, this is a very simple breakdown of how the means test works in Colorado. The above summary doesn’t go into the full details or calculations regarding the means test, which can be very complicated. To avoid critical errors in determining your eligibility, you should contact a Colorado Chapter 7 bankruptcy lawyer, who can work with you to determine your eligibility.
There’s no shame in trying to get back on your feet so that you can have a stable financial future. Everyone deserves that, including you and your family.
The sad reality in life is that bad things often happen to good people. No one wants to file for bankruptcy, and most people don’t secretly dream of charging up credit cards with no intent to repay them. Everyone has a story, a reason, or a situation that needs to be discussed.
Some folks mortgage their homes to pay medical bills. Others sell their cars because of harassment from collection agencies. Still, others resort to taking family heirlooms to a pawn shop because they’re at risk of having their water or electricity cut off due to non-payment.
If you’re in debt, the good news is that you don’t have to go through it alone. Filing for Chapter 7 bankruptcy in Colorado could be the best path toward financial security. Contact our team of legal professionals for a free initial case evaluation. We want to help your family get back on firm financial footing.
