Why Should I Consider Bankruptcy?
A person files for bankruptcy for a multitude of reasons. Some people go from making $100,000 a year to earning less than $2,000 per month in unemployment compensation. Some people are injured and either, (a) Had a drastic reduction in income or, (b) Incurred substantial medical bills or, (c) Both. Some people go through life changing circumstances such as, divorce or the death of a spouse. Some people simply cannot keep up with the credit card payments and are unable to save for retirement or pay for other necessary expenses such as life or health insurance. Some people need to stop a wage garnishment or bank levy.
Which Type of Bankruptcy?
The type of bankruptcy that will work best your situation is directly related to the assets and the properties you own, how much you owe on those properties, the amount of income you earn and a few other factors. People with a steady income are encouraged to use Chapter 13 instead of Chapter 7 and below is a brief summary of the two types of bankruptcy.
CHAPTER 13 – Chapter 13 Bankruptcy in Colorado is essentially a repayment plan supervised by the United States Bankruptcy Court. These payments can range from 36 months to 60 months and generally do not pay the creditors in full. → Read More
CHAPTER 7 – Chapter 7 Bankruptcy is sometimes referred to as “Liquidation Bankruptcy.” That is true whether you are filing bankruptcy in Colorado Springs or in the Denver Metro area. When a debtor files a Chapter 7 Bankruptcy, the court appoints a Bankruptcy Trustee to the debtor’s case. → Read More
Whatever the specific reason for filing the bankruptcy, the generic reason is inevitably the same. The money coming in simply does not cover the money going out. You can only earn so much money and you can only spend so little on your monthly expenses. Bankruptcy, many times, is the one option that actually has positive results. It’s the option that gets you from point A to point B in the quickest, most cost efficient fashion.
Take action now to begin the fresh start you deserve by calling us today at 303-996-0149 or by filling out our online form for a free case evaluation with an experienced bankruptcy attorney at Wagner Law Office.