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Does it seem like you’re always shifting money around to pay bills?
Have debt collectors been harassing you with threatening phone calls and letters?
Is repossession or foreclosure looming on the horizon due to your inability to make those payments?
Have you been making minimum payments or missing payments completely on your credit card bills?
Is the stress of looming debt affecting your relationship or job performance?
If you’ve answered yes to any of those questions, you may want to consider filing for bankruptcy in El Paso County.
There are several types of personal bankruptcy to choose from, as well as many important steps you should take to prepare before you file for bankruptcy. Our Colorado Springs bankruptcy attorneys can help you determine whether filing for bankruptcy is the right option for you.
To that end, we have designed this website to provide information about one of the most common personal bankruptcy filings in El Paso County, chapter 13 bankruptcy. If, after reading through the materials provided, you would like to speak to an experienced Colorado Springs debt relief attorney about Chapter 13 bankruptcy, you can contact our firm for a no-cost, no-obligation case consultation.
People tend to have a lot of questions about the bankruptcy process. We take pride in not only handling your case with expertise and care but educating you along the way. Listed below is a simplified version of what will happen if you decide to move forward with filing Chapter 13 bankruptcy with one of our experienced Colorado Springs bankruptcy attorneys.
Credit Counseling- Before you file for Chapter 13 bankruptcy in Colorado Springs you will need to take a credit counseling course. Agencies providing the Credit Counseling course must be approved by the U.S. Trustee’s office, and a list of acceptable credit counseling courses in Colorado can be found on The Department of Justice Website. If you are unsure if the credit counseling course you find is acceptable, don’t hesitate to ask your Colorado Springs bankruptcy attorney. Once you complete the course you will receive a certificate that you must file along with your bankruptcy petition.
Gather the Documents Required for Bankruptcy- Most people realize, at least abstractly, that filing for bankruptcy is a complicated and time-consuming process. If you’ve ever bought a house, financed a car, or rented an apartment, then you’re familiar with the amount of paperwork required. Bankruptcy is no different. Your Colorado Springs bankruptcy attorney will provide you with a list of required documents, however, you can find a sample checklist here
Preparation of Bankruptcy Petition- Once you have given over all of the required financial information, your Colorado Springs bankruptcy attorney will prepare a bankruptcy petition.
Filing of the Bankruptcy Petition- In Colorado, the filing of a bankruptcy petition is done electronically. That’s good news for El Paso county residents, as the Federal Bankruptcy court is located in Denver, so you won’t have to make that drive to submit your bankruptcy petition. The United States Bankruptcy Court, District of Colorado has a list of all forms that will need to be filled out by both you and your lawyer. Part of the paperwork you will file with your Chapter 13 bankruptcy petition is your proposed repayment plan.
Beginning of Repayments- Payments start approximately 30 days after filing for chapter 13 bankruptcy, even if the repayment plan has not yet been officially confirmed. This will show the court and your creditors that you are committed to paying your debt and intend to complete the bankruptcy. If you don’t make the initial payment within 30 days, the court can cancel your case.
Meeting of Creditors- The next step will be your first (and possibly only) court appearance. It’s worth noting that it’s possible for some bankruptcy filings that you may not have to appear in court in person at all, and your Colorado Springs bankruptcy attorney may attend in your stead. After the filing of the bankruptcy petition, a document from the court is sent out which is called the “Notice of Commencement of Case.” This notice is sent out to all creditors to whom you owe money. This meeting is the initial hearing in the bankruptcy case where the debtor and the attorney go and meet with the court-appointed trustee to review the petition and take testimony as to the accuracy of the petition and other financial issues related to the debtor’s financial affairs.
After the 341(a) meeting, creditors have 60 days to file an adversary case to dispute the bankruptcy petitioner’s right to a discharge. Although this rarely occurs, a creditor will usually object to the discharge of a particular debt when fraud or an intentional wrongful act is perpetrated by the debtor before filing bankruptcy. For example, if you purposefully go out and spend the limit on your credit card right before filing for bankruptcy, your credit card lender may call for an adversary hearing so that your credit card debt does not get discharged through bankruptcy.
Attend Confirmation Hearing- At your confirmation hearing, the judge assigned to your case will decide whether to confirm (approve) your Chapter 13 plan and allow your case to move forward. If there are no objections by either your trustee or your creditors, your case will be confirmed.
Continue Making Your Court-Mandated Chapter 13 Repayments- It may take approximately three to five years to complete the repayment plan. The timeline is set by the judge and trustee and several different factors are taken into account when the timeline is set. During this time frame, you will need to make regular payments to the trustee per the bankruptcy repayment plan. You can either reach the end of the plan duration or pay the debts covered by your chapter 13 bankruptcy in full, whichever occurs first. A formal discharge from bankruptcy will be granted to cancel the balances that were not paid in full, as long as you have completed your payment plan.
The final step if you’ve filed Chapter 13 bankruptcy in Colorado is-
Take a Debt Education Course- Just like anyone filing Chapter 7 bankruptcy in Colorado Springs, people petitioning for debt forgiveness through Chapter 13 bankruptcy must submit to both credit counseling and debt education courses to have their debts discharged. For more information on these courses, visit the United States Court Website, or contact our El Paso County Chapter 13 bankruptcy attorneys.
It’s important not to attempt to file your Chapter 13 bankruptcy petition on your own, even if you are familiar with the process. Doing so places you at a higher risk of having your application rejected, losing more assets than you need to, and/or discharging less debt than you could. Our Colorado Springs bankruptcy lawyers are happy to discuss your rights and options in detail during your free case evaluation.
In today’s economic climate, if one thing goes wrong, your financial foundation can collapse quickly. An accident or illness, being laid off, a divorce, or an unexpected emergency: any of these can stress an already stretched budget to the breaking point.
Bankruptcy is a legal proceeding provided under federal law to give people who cannot pay their bills a fresh financial start. Don’t believe the lies and slander spread by debt collectors attempting to keep you in debt. Bankruptcy is not shameful. It doesn’t mean you’ve failed in any way.
If you think that Chapter 13 bankruptcy is the best course of action, our Colorado Springs debt relief lawyers will be there to help you through the process every step of the way.