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Are you behind on your car payments and looking over your shoulder for the “repo man”?
Have you accrued a large amount of high-interest credit card debt?
Are you ineligible to file a Chapter 7 Bankruptcy, but still need relief from the constant pressure of creditors?
If you answered yes to one or more of the preceding questions, then you may want to consider filing for Chapter 13 bankruptcy.
Recent financial difficulty throughout the country has resulted in more people struggling with debt and foreclosure in Aurora and the surrounding areas. If you are burdened by debt, filing for Chapter 13 bankruptcy can help put an end to the worry and stress that accompanies financial problems. The first step is to contact an experienced Aurora Chapter 13 bankruptcy attorney.
Bankruptcy offers a chance to rebuild your credit and financial stability and working with an Aurora bankruptcy lawyer can help you regain control of your finances and build a brighter future.
Many people in Aurora are currently suffering from an overwhelming amount of debt and are unsure of what they can do to get a better handle on their financial situation. That’s where our CO debt relief attorneys come in.
Some specific examples of how the automatic stay can help Aurora debt relief seekers include
We want to make sure you understand the entire process of filing for Chapter 13 bankruptcy in Aurora, from start to finish, so you know what to expect when it comes time to file. To that end, we have designed this website to give a brief overview of the timeline of a normal Chapter 13 bankruptcy case. Of course, each case is different. For more information about how Chapter 13 would fit in with your unique circumstances, please contact our Aurora bankruptcy attorneys.
The next step is compiling all of the necessary paperwork for your Chapter 13 bankruptcy petition. This paperwork is known as the bankruptcy Schedules, and the list of necessary forms can be found on the United States Bankruptcy Court-District of Colorado website. This amount of paperwork required to file bankruptcy is considerable, and every form must be filled out perfectly, which is why it’s recommended that Chapter 13 bankruptcy petitioners work closely with an experienced Aurora bankruptcy attorney.
Part of the Schedules you will submit for your Chapter 13 bankruptcy plan is your repayment plan. This plan will reorganize and consolidate all outstanding obligations into a single monthly payment. The amount of this payment is tied to your disposable income – your current ability to pay – and not the size of your debt. Certain types of debt, including tax debt, have “priority” and must be addressed before other debts. This can be extremely advantageous, as you can strategically shape your plan to primarily resolve priority debts that you cannot otherwise discharge.
If that sounds very confusing, or if you’re bad at math, don’t freak out. Your Colorado bankruptcy attorney will help you formulate your repayment plan so that it’s both accurate and manageable for your budget.
As soon as your Aurora area debt relief attorney submits your Chapter 13 bankruptcy filing, the court will issue an “automatic stay.” This order halts all imminent or ongoing collection actions, including foreclosure, repossessions, wage garnishments, and creditor lawsuits.
In other words, the act of filing for bankruptcy can put an immediate stop to a forthcoming foreclosure and can be leveraged to save your home. Other good news about the automatic stay is that it will generally remain in place until your Chapter 13 bankruptcy case has concluded, potentially providing you with multiple years of protection and relief.
Once your repayment plan has been submitted to and approved by the court, you will need to continue to make your monthly payment over a period of three to five years. Again, the automatic stay will typically remain in effect during this time.
So long as you continue to make your monthly payments and honor the terms of the plan, you can potentially receive up to five years of protection from negative collection actions.
Completing your repayment plan will generally allow you to discharge most remaining unsecured debts. This means you will be able to eliminate credit card debt, medical bills, personal loans, and unpaid utility bills. If you can demonstrate undue hardship, you may also be able to discharge any remaining student loan debt.
Though you cannot eliminate all types of debt through Chapter 13 bankruptcy, your plan can be structured to focus on priority debts you cannot discharge. The elimination of unsecured debts can also provide increased financial flexibility and resources to catch up on other obligations.
It’s important to note that, with Chapter 13 bankruptcy, if you have secured loans such as a mortgage or car loan, you will need to continue to pay the current loan payments in addition to your Chapter 13 bankruptcy repayment plan payments. While creditors cannot repossess or foreclose on your car or home during Chapter 13 bankruptcy thanks to the automatic stay, if you don’t keep up with your payments during your repayment period, your creditors can pursue foreclosure or repossession immediately after your Chapter 13 bankruptcy case is over.
In addition to pre-bankruptcy credit counseling, there is a second “counseling” requirement. After you file for bankruptcy, but before your debt(s) is discharged, you are required by law to complete pre-discharge debtor education. Just like the credit counseling course, once you have completed the debtor education course you will receive a certificate which must be filed with the bankruptcy court in order for your case to be closed.
No matter your circumstances, our team of Aurora Chapter 13 bankruptcy attorneys is committed to helping you get on top of your debt. We can guide you through each stage of the Chapter 13 filing process and leverage our local and institutional knowledge to secure the maximum possible relief.
Filing Chapter 13 bankruptcy is a complex process. Bankruptcy laws and local rules are constantly changing. You should hire an experienced Arapahoe County debt relief attorney who is thoroughly familiar with the process and timeline. Our team of dedicated legal professionals will work closely with you to develop an affordable repayment plan if you decide that filing Chapter 13 bankruptcy is the right debt relief option for you. In many cases, we can structure a plan in which you will repay only a fraction of your unsecured debts.
With more than 50 years of collective experience handling difficult bankruptcy cases all over the great state of Colorado, we know how to help you make the most of your bankruptcy. The goal is to provide you with a fresh financial start where you can watch your credit score quickly grow and enjoy a better quality of life free from debt.
We will also make filing for Chapter 13 bankruptcy as easy and painless as possible. To that end, our Aurora bankruptcy lawyers offer a free case consultation to every prospective client.