Colorado Bankruptcy: Filing for Chapter 7 versus Chapter 13
When filing for bankruptcy is a preferable move, the next big decision will generally be whether to file for:
- Chapter 7 bankruptcy – This can be a better option when people have significant unsecured debt, they have little to no income, they haven’t recently filed for bankruptcy, etc. With Chapter 7, however, people will have to pass a “means test,” which evaluates their income versus their debt (among other things), in order to qualify.
- Chapter 13 bankruptcy – This can be a better option when people don’t qualify for Chapter 7 because they earn too much money, they’ve recently filed a Chapter 7 case, etc. Unlike Chapter 7, with Chapter 13, people will have to devise a debt repayment plan to be approved by the court.
Benefits of Colorado Bankruptcy
In general, just some of the benefits of filing for bankruptcy can include:
- Court protections – Specifically, an automatic stay will take effect after a bankruptcy petition has been filed, and this can immediately stop repossessions, foreclosures, and wage garnishments.
- Bankruptcy exemptions – These exemptions can allow people to keep some of their property and assets through bankruptcy (depending, of course, on the value of the property and assets). In some cases, bankruptcy exemptions can allow people to retain their homes, vehicles, etc.
- An effective resolution to serious debt issues – A successful Colorado bankruptcy case can help people resolve their serious debt and start a new financial chapter in their lives.
Denver Metro Area Bankruptcy Attorneys at Garcia & Gonzales, P.C.
Are you looking for real relief from serious debt? If so, you can trust the experienced Denver bankruptcy attorneys at Garcia & Gonzales, P.C. to provide you with experienced help and the highest quality legal services. With more than 50 years of combined legal experience, our trusted lawyers have the legal knowledge, skills, and insight you can rely on to help you favorably resolve your debt issues.
Serving individuals, families, and businesses throughout the Denver metro area, as well as the state of Colorado, since 1977, our attorneys can always be relied on to:
- Clearly explain your best options for resolving your debt
- Provide you with effective, affordable and family-friendly services
- Treat you with respect while maintaining an open line of honest communication with you
- Work diligently to help you achieve the best possible outcomes for your financial issues.
Let’s Discuss Your Debt Relief Options – Contact Us Today
To learn more about your best debt-relief options, as well as how we can help you, contact us today by calling or by emailing us using the drop-down contact form at the top of this page.
When you contact us, you will communicate directly with one of our attorneys, not a paralegal or legal assistant. We welcome Spanish-speaking individuals to contact us also – hablamos Español.