Centennial Chapter 13 Bankruptcy Lawyer
Attentive & Honest Bankruptcy Counsel in Denver & Colorado Springs
Making the decision to file for bankruptcy is never an easy one, yet it is a viable option for many seeking relief from overwhelming financial stress, creditor harassment, wage garnishment, and more. Before filing, speak with an attorney who will look into the details of your situation and explain your options in plain English. At Wagner Law Office, P.C., we offer a friendly approach to those seeking help. We understand what you are going through and will take the time to walk you through your case. After all, you never want to make a big decision without first having all the facts.
If you are thinking about filing for Chapter 13 bankruptcy in Colorado, our lawyer can help. Contact Wagner Law Office, P.C. online to schedule your free consultation. Call us at (303) 536-5124 today.
What Is Chapter 13 Bankruptcy?
Chapter 13 is basically a repayment plan to your creditors supervised by the United States Bankruptcy Court. Your “plan payments” can range from 36 months to 60 months and usually do not require you to pay your creditors in full, meaning you can save your family a lot of money! When you file for Chapter 13 bankruptcy in Colorado, you make payments to a Chapter 13 Trustee. The Trustee then distributes your payments to certain creditors in accordance with Colorado’s bankruptcy laws and the Chapter 13 plan that was created by your attorney and approved by the court.
Chapter 13 bankruptcy provides you an opportunity to, among other things:
- Catch up the mortgage or car payment
- Keep property you otherwise would have surrendered in a Chapter 7 bankruptcy
- Pay your tax obligations in a feasible manner
There are various reasons why a person may file Chapter 13 bankruptcy in Colorado. Wagner Law Office, P.C. will take the time to discuss the possible benefits of a Chapter 13 filing.
Chapter 13 Eligibility in Colorado
Unlike in Chapter 7, there is no means test for Chapter 13. A filer, however, must have a high enough monthly income to fund your repayment plan. You cannot file for Chapter 13 as a business and you must be able to propose a plan that pays off all your debts.
In addition, Chapter 13 puts a limit on how much your debts can total. Currently, these limits are $1,184,200 for secured debts, including your mortgage or car loan, and $394,725 in unsecured debt, including personal loans and/or credit card debts. Some debts cannot be discharged. These include spousal and child support payments, unpaid taxes, and student loans.
Wage Garnishment Limits with Chapter 13 Bankruptcy
Filing either Chapter 7 or Chapter 13 Bankruptcy will automatically stop wage garnishments. In some rare instances, this stay of garnishments may not automatically go into effect when the bankruptcy petition is filed. Many times, the creditor or debt collector will file a garnishment release once they are notified of a bankruptcy filing. However, the garnishment release can be delayed for various reasons. If this happens, your legal team can file a motion to speed up the timeline on stopping the wage garnishments.
How to Get Started with Chapter 13 Bankruptcy in Colorado
Not every person is a suitable candidate for Chapter 13 bankruptcy. The laws in Colorado are complex and navigating the rules of law successfully requires the assistance of a skilled Centennial Chapter 13 attorney with specific experience in the state of Colorado. Wagner Law Office, P.C. offers a free consultation to anyone seeking assistance in considering the filing of a Chapter 13 bankruptcy in Colorado.
During your consultation, we will:
- Allow you to get to know us so you can decide whether you are comfortable trusting your case to our firm.
- Allow our attorney to determine the feasibility of your case and discuss your options.
- Help you make informed decisions about your current finances and your financial future.
Once you decide to move forward with a Chapter 13 filing, the ball begins to roll quickly. Making your decision early works to your best interest because it halts the endless stream of collection phone calls that disrupt your life and cause you to feel helpless, hopeless, or endlessly frustrated.