The duration of Chapter 7 bankruptcy cases in Colorado varies, depending on the specifics of the case, such as the amount of assets that comprise the bankruptcy estate. In general, however, Chapter 7 cases in Colorado last between 3 to 6 months. Below is a simplified overview of what typically happens during these months, along with some of the things that can complicate these cases by prolonging them past 6 months. An Overview of the Chapter 7 Bankruptcy Process in Colorado The Chapter 7 bankruptcy process starts when someone files an official bankruptcy petition with a Colorado court. Before this [...]
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Is holiday debt catching up with you in 2016? Are you facing credit card bills that are way heftier than you expected? If so – and if you are ready to start aggressively paying down this debt, here are some of the effective things you can do: Figure out how much money you have to put towards debt – In other words, determine what your typical bills cost you and how much extra (or disposable) income you have to put towards your debt. As you do this, it can be helpful to also develop a monthly budget for yourself so [...]
The New Year is almost here. And while many people may be getting ready for this evening’s festivities, others may be making some longer-term plans to improve their life in 2016. For those who are focused on getting out of debt and improving their finances in the New Year, here are some essential tips for getting on track: Put yourself on a monthly budget – Figure out what you have to spend each month to cover your essentials (including living expenses and bills), as well as your maximum monthly spending limit. Be as detailed as necessary in putting together your [...]
Each year in the U.S., debt collectors contact consumers about a billion times seeking repayment of some outstanding debt. While some of the debts triggering this contact may be valid, not all of them will be. Also, not all parties who claim they are owed some debt will be legitimate debt collectors. Knowing what to do when you come across a fishy debt and/or a new debt collector asking you to pay on debt you don’t recognize can be the key to protecting your hard-earned money. Confronted with Suspicious Debt? Here’s What You Can Do… Identify the debt collector – [...]
Colorado bankruptcy exemptions allow the people who are pursuing bankruptcy to retain some of their assets through the process. While these bankruptcy exemptions can apply to various types of assets – including cash, personal property and even insurance policies, they can also protect people’s homes in some cases. To shed some light on the details of this exemption, below, we have answered some common questions about the homestead exemption in Colorado bankruptcy. Q – How much is the Colorado homestead exemption? A – A homeowner filing for bankruptcy in Colorado can exempt as much as $60,000 of his home (or [...]
Eliminating debt through bankruptcy can help people get their finances back on track. While bankruptcy is a process that can take months (or longer) to resolve, however, preparing to file for bankruptcy can also be a process. This is because there are some steps consumers have to take before their bankruptcy petition will be ready to file with – and acceptable to – the courts. How to Prepare to File for Bankruptcy in Colorado In general, the steps that should be taken before filing for bankruptcy in Colorado include (but may not be exclusive to, depending on an individual’s situation): [...]
As 2015 winds down, many people are getting ready for the holiday season – and for a lot of people, this will mean spending money to buy decorations, get loved ones gifts, and/or prepare for holiday parties. If you don’t want to go into debt – or into further debt – celebrating the holidays this year, below are some helpful tips for keeping your holiday spending in check. If, however, you need answers now about what you can do to get out of debt, contact a Denver Bankruptcy Lawyer at Garcia & Gonzales, P.C. How to Reign In Your Holiday [...]
Chapter 7 bankruptcy, or liquidation bankruptcy, can be an effective debt relief option. It is not for everyone, however, as there are some limitations regarding who can pursue a Chapter 7 case, as well as what a Chapter 7 case can do. To set the facts straight, below we have dispelled some of the most common misconceptions about Chapter 7 bankruptcy cases in Colorado. When you are ready to get answers about your best debt relief options, contact a Denver bankruptcy attorney at Garcia & Gonzales, P.C. Chapter 7 Bankruptcy Myths Debunked I can get rid of all of my [...]
Your credit report details your debt obligations and repayment history, among other things. Consequently, this report usually serves as one important factor in determining your credit score, which can be central to your purchasing power and borrowing opportunities. Unfortunately, however, not all of the information on credit reports is always up to date or accurate. And, in some cases, this inaccurate information can negatively impact you and/or your credit score. Common Credit Report Mistakes Although mistakes can appear on credit reports for a number of different reasons, when they do, they often take the form of: Wrong personal information – [...]
When you are ready to resolve serious debt issues, meeting with a bankruptcy attorney for an initial consult can be the best way to get answers about your options for moving forward. While this meeting can provide you with some insight regarding whether bankruptcy may be a viable debt relief solution for you, it can also serve as an opportunity for you to obtain other information that may be helpful for you in the future. To help you prepare, below are some of the more important questions to remember to ask as you get ready for a meeting with a [...]