While not as hard hit as Florida or California, Colorado was not unaffected by the bursting of the housing bubble in 2007 and 2008. As we approach the tenth anniversary of the greatest American financial crisis since the Great Depression, some Coloradans are still picking up the pieces. Many homeowners who sought a fresh start…Read more
How Does Chapter 13 Bankruptcy Work?
In this video, Denver, Colorado bankruptcy attorney Peter Mullison discusses the Chapter 13 bankruptcy process in Colorado. You can learn more about the bankruptcy process here: How Can Bankruptcy Help Me? What Does It Cost To File Bankruptcy? What Is The Difference Between Chapter 7 And Chapter 13 Bankruptcy?
How Much Will I Have To Repay My Creditors In A Chapter 13 Bankruptcy?
If you’re considering personal bankruptcy to give you relief from your financial stress, you should know that individuals generally file Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is typically used by people whose income is below the median income for their household size. Chapter 13, on the other hand, is used by people whose…Read more
Can I Change My Mind About Keeping My House After I File Chapter 13 Bankruptcy?
One of the benefits of Chapter 13 bankruptcy is that it allows you to reorganize your debts. That means that if you have gotten behind on your mortgage, you can get caught up over the course of your three to five year Chapter 13 payment plan. Chapter 13 will also allow you to convert a…Read more
Do Chapter 7 And Chapter 13 Bankruptcy Affect My Credit Score Differently?
When dealing with overwhelming debt, bankruptcy can be the fastest way to help you recover and get the fresh financial start you need. Of course, one consequence of filing bankruptcy is that it will remain on your credit report for several years after you file. You should know that there are differences between Chapter 7…Read more
Colorado Chapter 13 Debtors Can Repay Their Debts Over 60 Months, Even If They Could Pay Them Off Sooner
Chapter 13 bankruptcy, as opposed to Chapter 7 bankruptcy, requires filers to repay a certain amount of their unsecured debt over a period of three to five years. Usually, whether someone is in a Chapter 13 plan for three years or five years can depend on factors such as their household income, whether they owe…Read more
What Happens if I Have a Child During My Chapter 13 Bankruptcy?
So, you’ve filed Chapter 13 bankruptcy. You crafted a plan that covered every contingency, got all your creditors to agree to it, and the court confirmed it. A year later (with two to four more years to go on your plan), you get the news: your household will be growing. You’re having a baby! What…Read more