Colorado Bankruptcy Lawyer
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If you are struggling to repay your consumer debt, but have been unable to do so, you may have to consider filing for bankruptcy. Chapter 7 bankruptcy allows a discharge of certain types of debt and is a good choice for people without any real assets. Chapter 13 allows debtors to formulate an acceptable plan for repayment of their debt within 3-5 years. This type of bankruptcy also allows you to keep your home and car instead of selling them to pay creditors.
The recently updated bankruptcy law makes it more difficult for consumers to easily discharge debt. If you declare bankruptcy, you will have to attend credit counseling and pay higher fees. A bankruptcy attorney will probably be necessary, unless you have an extremely simple case. Your attorney can review your circumstances and help you decide which type of bankruptcy is for you. They can deal with your creditors, end wage garnishment, file all necessary paperwork and represent you in court.
The types of debts that are eligible for discharge may vary in Colorado. You cannot discharge student loans unless they were not insured or taken under a government guarantee program. There are exceptions for cases of extreme hardship, but it is hard to achieve this kind of exemption. The bankruptcy court in Colorado will also exclude back child support, some taxes or alimony. You will not get out of paying your mortgage unless the property is sold, in which case you can discharge any additional debt as a result of the sale of your home. If a creditor can prove that you gave false information to obtain a loan, the court can decide you are still responsible, despite your declaration of bankruptcy.
After you have appeared in court, gained approval from the judge and taken any required steps, such as credit counseling, your bankruptcy will be discharged. This notifies your creditors that the debt is forgiven and they cannot attempt to collect it from you in any way. Your creditors can decide to enter into an adversary proceeding. This allows the creditor to attempt to collect all or a portion of the debt when and if the debtor's assets are liquidated.
When you declare bankruptcy, you can be denied if it is proven that you have hidden assets or destroyed records with the intent of defrauding your creditors. Your attorney will make you aware of all that is expected of you. It is important that all the requirements are met in a timely manner so your bankruptcy can go forward without needless delays or problems. If you decide to declare bankruptcy, remember to consult with a qualified Colorado bankruptcy attorney lawyer to ensure that all your rights are protected, and you can get the best deal possible under the circumstances.
There are some common misconceptions about bankruptcy that you should be clear on before deciding that it is not the option for you. The notion that you will lose everything you have is a common reason for people not filing for bankruptcy when they would greatly benefit from it. While the bankruptcy laws differ from state to state, every state does allow for certain exemptions that would protect your home, car, qualified retirement plans as well as some household items and clothing. Colorado has some of the best exemption laws in the U.S., If used correctly. The question of never getting credit again is another reason why people refrain from filing for bankruptcy. Several companies will still provide you with credit even after bankruptcy, although the interest rates will be higher for the first few years.
Embarrassment is a huge factor that effects people\'s decision to file for bankruptcy. What you should understand is that filing for bankruptcy is not a negative thing. There are still many negative stereotypes out there about bankruptcy in Colorado, but in reality, filing for bankruptcy is a personal financial decision and should not reflect negatively against you.
Many bankruptcies are caused by overwhelming medical expenses due to illness or sudden personal tragedy, unemployment, or marital problems. Bankruptcy is most often the result of unforeseen circumstances and therefore should not been seen as shameful or embarrassing. Bankruptcy can mean a fresh new start for people who have fallen on hard times.
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