What Is the Means Test for Bankruptcy?


When people struggling with debt decide to pursue bankruptcy in Colorado for a financial fresh start, one of the things they will need to do before they can officially file their petition with the court is to take the means test. The bankruptcy means test is essentially a complex calculation that determines whether prospective bankruptcy petitioners quality for Chapter 7 bankruptcy. Those who “pass” the means test can pursue Chapter 7 bankruptcy in Colorado while “failures” mean that petitioners will have to pursue some other type of bankruptcy case, such as a Chapter 13 case. To shed some more light [...]

What Is the Means Test for Bankruptcy?2018-02-15T17:13:59+00:00

How Long Does a Chapter 7 Bankruptcy Case Take to Resolve in Colorado?


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 [...]

How Long Does a Chapter 7 Bankruptcy Case Take to Resolve in Colorado?2018-02-15T18:14:04+00:00

Filing for Bankruptcy: FAQs (Pt. 3)


Here’s the conclusion to our three-part blog series Filing for Colorado Bankruptcy: FAQs. Filing for Colorado Bankruptcy: More Important Info Q – What are the reasons that a bankruptcy petition wouldn’t be accepted? A – The courts can reject bankruptcy petitions for any number of reasons, only some of which may include that: Fraud is suspected in a given case. The bankruptcy petition was not properly filled out. The petitioner didn’t complete the credit counseling requirement. The petitioner didn’t pass the means test. The petitioner has a recent bankruptcy case and doesn’t qualify to pursue another bankruptcy at that time. [...]

Filing for Bankruptcy: FAQs (Pt. 3)2019-02-20T15:23:13+00:00

Filing for Bankruptcy: FAQs (Pt. 2)


More Answers about Filing for Colorado Bankruptcy Q – Will I lose my house by filing for Colorado bankruptcy? A – Not necessarily. In fact, by filing for bankruptcy, in some cases, people may be able to keep their homes even after a bank has threatened to foreclose on it. The reasons for this can be that: With Chapter 7 bankruptcy, there is a homestead bankruptcy exemption, which allows petitioners to exempt up to $60,000 of their home or other qualifying property from the bankruptcy estate. In some cases, this exemption may be increased (or even doubled), depending on the [...]

Filing for Bankruptcy: FAQs (Pt. 2)2019-02-19T23:00:36+00:00

Filing for Bankruptcy: FAQs (Pt. 1)


If you are overwhelmed by debt and are thinking about filing for Colorado bankruptcy, you may have some questions about what to expect from the process. To give you a better idea about what this debt relief option generally entails, as well as whether it’s right for you, in this three-part blog series, we will answer some frequently asked questions about filing for Colorado bankruptcy. When you are ready for more personalized advice and experienced help getting out of debt, you can rely on the Denver bankruptcy attorneys at Garcia & Gonzales, P.C. We are skilled at helping people resolve [...]

Filing for Bankruptcy: FAQs (Pt. 1)2019-02-19T22:58:42+00:00