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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Chapters 7 and 13 of the Bankruptcy Code – Awareness. Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. You should get legal assistance from a knowledgeable bankruptcy attorney in Denver.

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Discharge in Bankruptcy – Bankruptcy Basics

Sawin & Shea

After taking a means test, you will file papers and a petition with the bankruptcy court. This will immediately stop your creditors from being able to contact you to demand payment. You and your bankruptcy attorney will next attend either a creditor meeting or a 341 hearing with your court-appointed bankruptcy trustee.

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

In that case, the bankruptcy court will recommend that you declare Chapter 13 bankruptcy , which consolidates your debts into a three-to-five-year repayment plan. You’ll also need to supply the bankruptcy court with a list of creditors, an income statement, and copies of your tax records.

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Mistakes to avoid when filing for personal bankruptcy

Roths Child Law

You can approach your creditors for a waiver or negotiate a repayment plan that will work for you. If these options are not possible, you may consider filing for bankruptcy. No matter how you handle it, bankruptcy can have a lasting impact on your life. It is important that you understand how these types of bankruptcies differ.

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10 Common Questions About Bankruptcy

Debt Free Colorado

What Can’t Bankruptcy Do? What Should I Consider Before Filing for Bankruptcy? Are there Available Alternatives If You Have a Lot of Debt and don’t Want to File for Bankruptcy? Are My Creditors capable of appealing My Bankruptcy? What Debts are Discharged in Bankruptcy? What Can’t Bankruptcy Do?

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Can I Keep My Home in a Chapter 7 Bankruptcy?

Sawin & Shea

Filing for Chapter 7 bankruptcy , also called liquidation bankruptcy, allows you to discharge all or most of your debt. Upon filing a Chapter 7, you receive automatic court-oredered protection from creditors and aren’t subject to lawsuits, repossessions, or wage garnishments. We are here to help.

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Dealing With Debt From COVID-19

Debt Free Colorado

Below you’ll find some strategies for working with your creditors and deciding which bills are the most important if you can’t pay them all. Reach out to your creditors. The decisions regarding which creditors get paid and which do not can have long term consequences and will require a strategy. Triage your finances.