Filing Chapter 13 Bankruptcy in Colorado
Many individuals will now be unable file Chapter 7 Bankruptcy and will instead be forced to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy will not immediately discharge your debt, but will instead require you to pay a portion or all of your unsecured debt to your creditors under a three to five year repayment plan. Chapter 13 Bankruptcy does have some advantages over Chapter 7 Bankruptcy by allowing you to keep certain assets. If you have property or possessions you want to keep, filing Chapter 13 Bankruptcy may be a good option for you.
Certain assets can be exempt from the bankruptcy process. Bankruptcy laws are developed at the federal level, but some states have developed their own list of exempt assets and may require individuals to choose state exemptions over federal exemptions. Other states allow individuals to choose between the federal exemption list and the state exemption list. In the state of Colorado, federal exemptions are not allowed and you must choose the State of Colorado exemption list.
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