Deciding on filing for bankruptcy can be an important decision that will affect you, your whole family, and many of the purchasing decisions that you will make in the future. Many people decide that the consequences of filing for bankruptcy far outweigh the difficulties they have been facing with paying of loans, credit cards, and medical bills and proceed with the bankruptcy process to acquire a fresh start. Before you file for bankruptcy it is critical to find a Colorado chapter 7 bankruptcy attorney to help you through the process and to answer any questions for you. Some of the things that this attorney will be able to assist you with include how to qualify for Chapter 7 bankruptcy, explaining how the process works, explaining some of the benefits of filing for bankruptcy and helping you to protect your assets.
How to Qualify
The first thing that a Colorado chapter 7 bankruptcy attorney can assist you with is determining if you qualify for this type of bankruptcy suit. In order to qualify for this type of bankruptcy you must be making below the state median level for income and you must be an individual who is claiming for this type of bankruptcy and not a business filing. You will be able to file a Chapter 13 if you make more than state median levels and if you are a business. It is important to remember that you will not be allowed to file this type of bankruptcy if you have previously filed a Chapter 7 suit or if your Chapter 13 plan of repayment ended within the last eight years.
How It Works
In this process you will assign a trustee who will sell any property that is not exempt from bankruptcy suits and use the money to pay back your creditors; starting with the creditor who has been determined the most important. Any debts left unpaid from this process will be erased under the law. There are a few exceptions to this including back taxes and child support, which will not be erased or forgiven under bankruptcy laws.
Your Colorado chapter 7 bankruptcy attorney will be able to assist you in determining which of your assets will be exempt from the bankruptcy suit. Usually you will be allowed to keep your vehicle and your home if there are still loans out on them and you promise to continue all payments on them. Other exemptions may include family heirlooms and any property necessary for daily living.
A Chapter 7 bankruptcy attorney will be able to explain all the benefits that accompany filing this sort of bankruptcy suit. Filing for bankruptcy allows you to rid yourself of high amounts of debt and gives you a fresh start.
If you are in need of a Colorado chapter 7 bankruptcy attorney, contact the Law Offices of Christopher A. German, LLC. They can be reached at 303-617-8447.