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If you would like to file a Chapter 7 bankruptcy you must pass the Colorado means test. There are two ways to do that. The first, and easiest way, is for your family income to be no greater than the median family income amount for your family size in Colorado. The easiest and most up-to-date way to see that figure is through The Department of Justice Website.
The second way to pass the means test, if your family makes over the median family income in Colorado, involves deducting allowed monthly expenses from your current monthly income to arrive at your monthly “disposable income.” The higher your disposable income, the more likely Chapter 7 bankruptcy won’t be an option.
Filing a Chapter 7 or Chapter 13 bankruptcy petition offers the petitioner immediate relief. This is due to the automatic stay, which is essentially a temporary injunction that prohibits all debt collection activity against the debtor.
The automatic stay prevents your creditors from calling you, writing you letters, sending you bills, and suing you. If your wages are being garnished due to unpaid bills, an automatic stay immediately halts all garnishment (except alimony or child support). It also stops your creditors from taking your property, such as your car or your house, although this may only be temporary.
Simply put, an exemption is a law that protects your property in bankruptcy. Exempt property can’t be sold for the benefit of your unsecured creditors. Basically, bankruptcy exemptions level the playing field so that getting a fresh start doesn’t require you to start from scratch. Some examples of Colorado state bankruptcy exemptions include:
All bankruptcy cases are under the jurisdiction of the federal court system. Most states, including Colorado, have a single Bankruptcy court that handles all cases for the entire state of Colorado.
The United States Bankruptcy Court, District of Colorado is located in downtown Denver. This location is convenient if you’re living in or near the state capital, however, it’s quite the distance for residents of edge cities like Durango and Telluride. Fortunately, most people who file for bankruptcy protection never have to appear before a bankruptcy judge or go to a bankruptcy courtroom. The good news is, if you hire a Colorado bankruptcy lawyer to help you through the bankruptcy process, your lawyer will file your bankruptcy petition for you.
No, you are allowed to file Chapter 7 or Chapter 13 bankruptcy without using a lawyer, which is called filing “pro se.”
However, the Bankruptcy Code imposes many obligations on debtors filing for bankruptcy. This includes obtaining the proper pre-petition mandatory credit counseling, demonstrating eligibility for filing Chapter 7 bankruptcy under the Means Test, filing certain documents with the court and trustee, and meeting certain important bankruptcy deadlines.
A bankruptcy case must be filed and handled correctly. The rules are very technical, and a misstep may affect a debtor’s rights. An experienced Colorado bankruptcy attorney can help you through every step of the bankruptcy process.
Information is power. While we provide a brief overview of the bankruptcy process in Colorado on this website, having more information on the subject can help you and your attorney make the best decisions for your financial future.
For more in-depth FAQs, see The United States Bankruptcy Court, District of Colorado FAQ page.
For the ABCs of Bankruptcy, see The U.S. Court Systems Bankruptcy Basics.
The U.S. Department of Justice provides a veritable smorgasbord of Bankruptcy edification, including this Bankruptcy Information Sheet.
Debt.org provides a range of informative articles, tools, and free resources for people looking for information on debt relief including this helpful bankruptcy article- What is Bankruptcy and How Does it Work?
With close to six million residents, there’s something for everyone in Colorado. Beyond the natural landscapes showcasing the impressive Rocky Mountains, Colorado Plateau, and the western edge of the Great Plains, there’s ample opportunity to sample some of the more urbane delights of metropolises including Denver, Boulder, Aurora, and Colorado Springs.
If you don’t see your county listed here and are unsure if our Colorado bankruptcy attorneys service clients in your area, please reach out to our firm. This is an incredibly personal and private time in your life and our Colorado bankruptcy lawyers understand your trepidation. Our team of qualified legal professionals is standing by, ready to help shoulder the burden you’re under. Our goal is to provide help to all people seeking debt relief throughout Colorado, in the fastest, easiest manner possible.