Is Chapter 7 Or Chapter 13 Bankruptcy In Colorado Best For Me?
Many people who come to us in financial distress are concerned that they don’t even qualify for bankruptcy in Colorado. There is an endless amount of information on the Internet about bankruptcy, most of it confusing and much of it misleading and just flat-out wrong. The best source for information about bankruptcy is from an experienced bankruptcy attorney who knows about your specific financial situation. What may have worked for your co-worker’s cousin’s dad may not work for you.
The good news is that, in general, bankruptcy is available to anyone residing in the U.S. The question we want to answer during your initial consultation is which chapter bankruptcy would be best for your financial situation and individual circumstances.
If an individual doesn’t qualify for Chapter 7 bankruptcy, he or she will usually qualify for Chapter 13. It is rare, in my experience, for someone to not qualify for either Chapter 7 or Chapter 13. However, there can be reasons that would make bankruptcy a poor choice to address financial hardships. By the end of our conversation, you should have a solid idea of whether or not bankruptcy is a good option for you and which chapter you should consider moving forward.
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 attorney 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 many 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. Finally, if you have significant assets or your home is worth considerably more than what you owe, Chapter 13 is probably a better idea.
During your intial consultation, we’ll cover all of these issues and more. We want to make sure that you leave the meeting with a full understanding of your options and having a good idea if you think we would make a good team to get your on the road to financial recovery.
Talk To An Experienced Denver, Colorado Bankruptcy Attorney To See If Chapter 7 Or Chapter 13 Is Best For You
Whether or not you qualify for bankruptcy involves a thorough analysis. Our job is to help you understand the benefits and pitfalls of bankruptcy, including which chapter best meets your needs. To learn whether Chapter 7 or Chapter 13 is your best option, you can schedule a free, confidential bankruptcy consultation with an experienced Denver, Colorado bankruptcy attorney. 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.