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If you find yourself in a situation where your debts are overwhelming, and you have no clear path to paying them, bankruptcy might be an option.
Another qualification that the BAPCPA changed for debtors looking to file Chapter 7 bankruptcy in Colorado is the length of time a petitioner has to wait before filing if they have filed for bankruptcy in the past. Essentially, if you received a discharge in your first bankruptcy, then a set amount of time must pass before you can have your debts discharged by the courts again. As of 2005, you can now be denied a discharge if you received a discharge in another Chapter 7 case filed in the last eight years; before BAPCPA, you had to wait six years instead. For more information on the waiting period between bankruptcy filings, see UpSolve.org’s article or contact our Colorado bankruptcy attorneys today.
Chapter 7 bankruptcy is a method of clearing away debts for individuals unable to repay them. Sometimes referred to as “liquidation bankruptcy,” Chapter 7 is the most popular bankruptcy filing in Colorado. Filing a Chapter 7 Bankruptcy eliminates most of your unsecured debt, including credit card debt, medical bills, utility bills, most personal loans, and deficiencies on repossessed vehicles or back-owed rent on your house or apartment.
If you would like to file a Chapter 7 bankruptcy in Colorado you must pass the means test. There are two ways to pass the means test:
For a more in-depth look at Chapter 7 bankruptcy qualifications, head over to Debt.org’s Chapter 7 Bankruptcy page, or contact our experienced Colorado Chapter 7 Bankruptcy attorneys today for a no-cost case evaluation.
If your income is higher than the Colorado median you will still need to complete the means test calculation to determine if you can pay back a portion of your unsecured debts through a Chapter 13 bankruptcy.
Chapter 13 bankruptcy, also known as a wage-earners bankruptcy, is when a debtor proposes a 3-5 year repayment plan to the creditors offering to pay off all or part of the debts from the debtor’s future income. Unlike Chapter 7, Chapter 13 does not involve liquidation. Usually, a Chapter 13 debtor is permitted to keep all of his property, whether it is exempt or not, as long as the Chapter 13 plan complies with the law.
For more information on Chapter 13 bankruptcy qualifications, see Experian.com’s What are the Requirements for Bankruptcy page, or contact our Colorado debt relief lawyers today for a no-cost case consultation.
Dealing with overwhelming debt is an issue that many people face. It can happen to people who have secure jobs or are good with their money. Sometimes, you’re only one accident or emergency expense away from severe debt. If you’re dealing with a mountain of crushing debt in Colorado, help is only a phone call or email away.
Our trusted Colorado legal team has helped clients all over the state, including:
If you’re unsure whether or not you qualify for bankruptcy in Colorado, you can trust our experienced bankruptcy attorneys to give you the crucial guidance you need as you sort out your options.
Declaring bankruptcy is a choice most individuals hope never to have to make. The process can be complicated and costly, so it should not be taken lightly. Before deciding to file for bankruptcy, contacting a qualified Colorado bankruptcy attorney can help you discover the best way forward. Reach out to our team of experienced legal professionals today for your free case evaluation.