Colorado Bankruptcy Lawyer
Are you looking for a fresh financial start? Are creditors calling you day and night, harassing you and sending you threatening letters? If you are ready to remove the burden of overwhelming debt then take the first step by completing our free, confidential legal evaluation. A highly qualified Colorado Bankruptcy Attorney will guide you in determining if Chapter 7, Chapter 13, or Bankruptcy Alternative is the best choice for you. Let one of our skilled Colorado Bankruptcy Lawyers help you wipe your financial slate clean and stop those aggressive creditors from contacting you.
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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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Filing Chapter 7 Bankruptcy in Colorado
If your current median income, which is the average monthly gross income earned for the six months prior to filing bankruptcy, is lower than other Colorado family's income, you may be able to file Chapter 7 Bankruptcy. If you current monthly income is higher or equal to the Colorado state median income, your Colorado Bankruptcy Attorney can complete the means testing.
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Means Test in Colorado
Means testing is done by analyzing your net monthly income. This amount is your current monthly income with deductions made for mortgage payments, car payments, taxes, child support and certain school expenses. If after these expenses are subtracted from your income you are still able to pay at least $6,000 or $100 per month toward unsecured debt for the next five years, you will probably have to file Chapter 13 Bankruptcy. This is just a general overview of means testing and a Colorado Bankruptcy Attorney should be contacted to review your specific financial situation.
State median data is provided by the United States Trustee Program. For the State of Colorado, after March 15, 2009, the median income for a single wage earner in the state of Colorado was $46,765 and for a family of two it was $65,668. For a family of three it was $70,838 and for a family of four it was $78,905. Chapter 7 Bankruptcy is the quickest, simplest and most common method for discharging unsecured personal debt. In most situations it will take from four to six months to complete. Like all bankruptcy options, there are serious financial consequences and should not be done until a Colorado Bankruptcy Attorney is consulted.
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Colorado Bankruptcy Attorneys
Following is a list of bankruptcy attorneys who practice law in Colorado. To contact one of these attorneys, please complete our free case evaluation form or call 800-859-0844
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Denver Tara Gaschler 700 17th Street, Ste 1950 Denver, CO 80202 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Denver Deborah F. Bowinski Attorney & Counselor at Law 3801 E. Florida Ave #400 Denver, CO 80210 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Denver The Law Offices of Jonathan P. Shultz, LLC 1980 S. Quebec St. Denver, CO 80231 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Greeley Monk Law Office, PC 1011 39 Avenue Suite C Greeley, CO 80634 |
Map & Directions Call Now: 800-859-0844 Contact for your Free Evaluation |
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Do You Have Questions About Bankruptcy in Colorado?
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