Many people who come into our office are concerned that they don’t even qualify for bankruptcy in Colorado. The good news is that, in general, bankruptcy is available to anyone residing in the U.S.
You do not need to be a United States citizen to file bankruptcy. However, if you have filed bankruptcy in the past, you may have to wait before you can have your debts eliminated again by bankruptcy. If you have filed a Chapter 7 bankruptcy before, you will have to wait eight years from the time you filed that case before you can have your debts eliminated by another Chapter 7 petition. If you filed a Chapter 7 bankruptcy case more than four years ago, you may be eligible to have your debts eliminated by a Chapter 13 bankruptcy. You may be eligible to file a Chapter 13 case if your debts were eliminated by a Chapter 13 bankruptcy more than two years ago. If you filed a Chapter 13 case before and want to eliminate your debts in a Chapter 7 bankruptcy, you will have to wait six years.
A Colorado Bankruptcy Attorney Can Help You Decide Between Chapter 7 Or Chapter 13 Bankruptcy
One of the primary reasons to hire a Colorado bankruptcy lawyer is to be sure you make the best decision between Chapter 7 or Chapter 13 bankruptcy. If your household income is over a certain amount, you may be limited to filing a Chapter 13 bankruptcy. You may be eligible to file Chapter 7 bankruptcy if your household income is less than the median income in Colorado and if you have not gotten a Chapter 7 discharge in the previous eight years. There are other factors that come into play to determine whether or not you are eligible to have your debts eliminated by bankruptcy, such as whether or not a previous bankruptcy case was dismissed or if the bankruptcy court determined that the previous bankruptcy case involved fraud. Also, if your income greatly exceeds your expenses, you may be considered to have sufficient income available to have to pay back some of your debt in a Chapter 13 bankruptcy.
Schedule A Free Bankruptcy Consultation To Find Out If Chapter 7 Or Chapter 13 Bankruptcy Best For You
As you can see, whether or not you qualify for bankruptcy involves a thorough analysis. Our job is to help you understand the benefits and pitfalls of bankruptcy. To learn whether Chapter 7 or Chapter 13 is your best option, you can schedule free, confidential bankruptcy consultation with a Colorado bankruptcy lawyer. Our online scheduling system allows you to schedule a consultation at a time that is convenient for you, or you can call 303.331.3403 to talk with an attorney.