How A Fort Collins, Colorado Bankruptcy Attorney Can Help You
If you’re considering bankruptcy in Fort Collins, Colorado, here’s what you need to know. Bankruptcy is the most powerful tool you have to fight overwhelming, unmanageable debt. An experienced bankruptcy attorney will safely guide you through the bankruptcy process to protect you from creditors and debt collectors. Once again, you can imagine financial freedom to live the life you dream of.
Chapter 7 Bankruptcy In Fort Collins, Colorado
Chapter 7 bankruptcy is also known as “liquidation bankruptcy.” It’s the most common type of bankruptcy, and it allows you to discharge most of your debts. To qualify for Chapter 7 bankruptcy, you must pass a “means test.” This test looks at your income and expenses to see if you can repay your debts.
If you can’t pass the means test, you may still be able to file for Chapter 7 bankruptcy by showing that repaying your debts would cause undue hardship.
Once you’ve filed for Chapter 7 bankruptcy, an “automatic stay” goes into effect. This stay prevents creditors from trying to collect on your debts. Your assets will also be protected from seizure during the bankruptcy process.
During your Fort Collins, Colorado bankruptcy case, you’ll need to attend a meeting of creditors. At this meeting, your creditors will have a chance to ask you questions about your finances and your debt. We’ll be with you at this meeting and all along the way of your journey through the bankruptcy process.
You’ll also need to undergo a financial management course before you can receive a discharge of your debts. It’s a short, online class that will take about 90 minutes. You can do it on your phone while you’re waiting to check out at the grocery store.
After your debts have been discharged, you’ll no longer be responsible for repaying them. However, there are some debts that can’t be discharged in bankruptcy, such as child support, alimony, student loans, and taxes.
Chapter 13 Bankruptcy In Fort Collins, Colorado
Chapter 13 bankruptcy is also known as “reorganization bankruptcy.” It’s less common than Chapter 7, but it may be a better option for you if you have a regular income and some assets that you want to keep. With Chapter 13 bankruptcy, you create a repayment plan to pay back your debts over three to five years.
Chapter 13 filers also have to attend a meeting of creditors and will get their discharge at the end of their three to five year repayment plan.
Talk To An Experienced Fort Collins, Colorado Bankruptcy Attorney Today!
If you’re considering bankruptcy, it’s important to speak with an experienced Fort Collins bankruptcy attorney to discuss your options. An attorney can help you determine if bankruptcy is right for you and can guide you through the process. We offer free consultations for individuals and small business owners considering bankruptcy. The easiest way to schedule an appointment at a time that is convenient for you is by clicking here.
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