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Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Bankruptcy law in Denver falls under the wider legal jurisdiction of the United States codes. Chapter 7 and Chapter 13 Bankruptcies are the most commonly filed types. While Chapter 7 Bankruptcy gives individuals or businesses the chance to completely start afresh, Chapter 13 allows for one to re-organize their debt and possibly keep some non-exempt property.
Bankruptcy proceedings have long-term financial and legal consequences which might be complicated if one is not conversant with the law. This is where a professional lawyer comes in. A lawyer will help you decide whether to file for bankruptcy and under what chapter. They can predict the consequences of filing for bankruptcy and guide you through the complex procedures. If you're looking to file for bankruptcy in court without committing fraud or mistake, a professional lawyer is invaluable.
In Denver, as with the rest of Colorado, before you can file for bankruptcy, you need to complete a credit counseling course 180 days before filing your case. This course is designed to assess whether there are feasible alternatives to bankruptcy. Among the laws is also the exemptions law, which allows you to keep key assets, known as Colorado bankruptcy exemptions. These laws are designed to help you maintain a basic standard of living while you pay off your bills or have them discharged.
Under Chapter 13 bankruptcy, you can generally keep your home as long as you continue making your regular mortgage payments and any arrearages on the mortgage over the life of the repayment plan.
Generally, student loans are not dischargeable in bankruptcy. There are exceptions, but they are rare and depend on demonstrating that repaying the loan will impose an undue hardship on you and your dependents.
There are limits to the frequency with which you can file for bankruptcy. If you received a discharge under Chapter 7, you cannot receive a discharge again under that chapter until eight years from the date of the filing of the previous case.
In general, your bankruptcy will not affect your spouse's credit. However, if you have co-signed any loans or debts with your spouse, they will remain liable for that debt.
Not necessarily. Bankruptcy law allows certain exemptions. It will depend on your individual circumstances, and the value of your property. A local bankruptcy lawyer could provide more guidance.
There are several resources available for those seeking assistance with bankruptcy & debt law. A few recommended resources include the United States Courts website, the Colorado Bar Association, and the Local Denver Bankruptcy Court. These organizations can provide helpful information and connect you with professional legal assistance.
If you require legal assistance and are ready to take the next step, it is recommended to contact a professional bankruptcy attorney. They can provide you with a more personalized analysis taking into account your unique financial situation and guide you on the correct legal path. You can obtain a list of pre-screened, experienced lawyers from the local legal bar association.
